A five-year strategic plan has officially been launched for the Malta Business Registry, seeking to modernize and improve the state agency’s operations to support businesses in the local economy, as well as strengthen supervisory practices.
The plan is based on four strategic pillars: Internationalisation, Information and Communication Technology, Changing Purposes and Knowledge & Learning.
On Internationalisation, it was explained that the MBR will be seeking potential partners overseas, while organising activities across national boundaries.
It was highlighted that international developments in the financial services sector, such as regulatory updates on Anti-Money Laundering and the Financing of Terrorism (AML/FT), have a direct impact on the operations of the MBR, and therefore forging stronger relationships with international partners would enhance the understanding and implementation of such updates.
In a video message played to attendees of a press conference to announce the 5-year strategic plan, it was said that the MBR is aiming to be a top-ranking supervisory entity, with a view to strengthen its compliance function.
In addition to overseeing company registration and that up-to-date information is provided by such economic operators, the MBR will be taking a pro-active approach to flagging suspicious activity.
For its ICT ambitions, it was highlighted that ever-growing developments in the sector provides the opportunity to have data analysed with great speed.
In mid-2019, the MBR issued a rebuild of the online system using a permissioned hyperledger blockchain environment.
The long term aim of the blockchain project is to roll out a system at the MBR that will perform all the actions required for the registration and subsequent administration of companies in Malta on a business process management network – BPMN. The blockchain system will handle the processes of the MBR.
As for Changing Purposes, the MBR is seeking to both provide a more efficient and improved service offering to beneficiaries of the agency’s functions, as well as focusing on the entity’s workforce.
Lastly, Knowledge & Learning will see that knowledge gained by the workforce is shared internally, helping a continuous drive of improvement.
As for the agency’s corporate strategy, MBR COO Kenneth Brincat explained that these relate to the entire organization, where decisions provide the backbone of services offered to clients. Mr Brincat highlighted six corporate strategies:
Communication and branding; Risk management; Data privacy and protection European and International Cooperation; ICT and Research; and Community innovation.
As for the entity’s business strategies, which focus on satisfying customers, offering services of excellence that meet their needs, and introducing new services with possible new streams of revenue, Mr Brincat highlighted seven:
Customer-centric; Service excellence; Employee-centric; Continuous professional development; Recruitment and retention Diversity and inclusion; and Leadership enhancement.
Addressing the launch of the strategic vision, Economy Minister Silvio Schembri highlighted how a major constraint for Government to deliver to businesses is the difficulty in sharing data across Government entities.
“Economic operators do not have a unique identifier with which different state departments can identify them.”
He highlighted an ongoing issue where the current scenario resulted in economic operators asked to submit the same data to different Government agencies, risking conflicting data being submitted.
He stressed that the MBR will be maintaining a holistic register for all operators, and will ensure that accurate data is stored and used for current and future submissions.
“Operators will have the ability to update the central register and will have a unique identifier. Through this system, Government services will be interlinked to businesses and self-employed. This 5-year plan paves the way to further safeguard the reputation of the Maltese jurisdiction by bolstering good governance
“Another important goal within the strategy is to combat economic crime through active use of analysis and intelligence. MBR will be proactive in identifying suspicious activity. Over the next five years MBR will seek to make changes and deter those who persist in misusing the register.”