The Malta Business Registry (‘MBR’) launched its strategic plan for 2020-2025 on the 7th October 2020. The MBR intends to bring customers, its management and workforce in line with its strategic plan within a reasonable timeframe and thus identify performance issues and improve decision making. The MBR’s functions have expanded to include not only serving as Malta’s business registry, but also ulterior business interests which the MBR must cater for through restructuring. To this end, the MBR has formulated four main pillars upon which it has shaped its strategy; internationalisation, information and communication technology, changing purposes and knowledge and learning.
The internationalisation aspect of the MBR’s strategy involves analysing relationships with potential foreign partners and coordinating activities on the international plane. The MBR also recognises the impact of international developments on the financial sector, such as anti-money laundering and combatting of terrorism measures introduced by the institutions of the European Union.
The MBR also seeks to identify the potential impact of information and communication (ICT) technologies on its operations, by analysing its ramifications on, for example, the business environment. The MBR aims to use the latest technology to ensure that it is capable of offering user-friendly online services, which provide timely access to information, allow efficient sharing of information with other agencies and encourage the workforce to embrace new technologies. The MBR has already made strides in this field, with its online system running on a permissioned hyperledger.
MBR CEO Joseph Farrugia noted that the use of blockchain technology will be further explored to “efficiently mobilise the MBR’s services, provide technical assistance to staff, minimise human error, increase anti-money laundering measures, and facilitate our transformation into a paperless environment”.
The MBR also notes its changing purposes whereby the boundary between the public and private sector is becoming blurred, thus public sectors must now provide new competencies, increased decentralisation, and improved communication with all stakeholders.
The fourth pillar of knowledge and training ties in closely with changing purposes, as it recognises the need to continuously provide opportunities for further education and development, thus meeting stakeholders’ expectations.
The MBR’s strategic plan should ensure the provision of quality services to the local business and financial sectors while safeguarding Malta’s reputation globally.