Issue link: https://maltatoday.uberflip.com/i/1138801
04.07.19 6 FOREIGN NEWS PRIME Minister Joseph Mus- cat this week inaugurated the new premises of the Malta Business Registry. In the presence of the Par- liamentary Secretary for Financial Services, Digital Economy and Innovation Sil- vio Schembri, Muscat said that the inauguration of the new premises was yet anoth- er milestone in the financial services sector. "This is not just a change in the premises but a start of something new. Now the MFSA can focus better on its regulatory role and duties whilst exerting its energy in addressing challenges with- in the the sector and seek to impliment new innovative technological methods in this thriving sector," he said. "On the other hand, the agency can focus better on the registration of compa- nies, seeks to provide ser- vices that before where dif- ficult to be given ,make sure that the registry will be more accurate and includes in it companies that are still ac- tive and lastly provide better services to clients and inves- tors." "The fact that now there's this Agency in place shows the Government's commit- ment strengthen regulator's work. The Malta Business Registry will compliment the modernisation process the MFSA has embarked upon whilst this entity will be able to move forward through dig- italization processes where even here Distributed Ledger Technology will be used in its day to day operations." Muscat said that even the location of the premises in Żejtun reflected the Govern- ment's commitment in bring- ing commercial activity to this area of the country. Schembri recalled the time when he first visited the Reg- istry of Companies' old prem- ises which were in a bad state and weren't giving back the dignity the workers truly de- served. "The previous situation was unnacceptable. Resourc- es were limited and at times shared with clients as well. From then onwards, as a Par- liamentary Secretary respon- sible for the Financial Ser- vices, I took the initiative to identify adequate premises to arrive to where we are today," he said. "Through an extensive in- vestment in IT, the Registry of Companies will be more efficient and will substantially reduce unnecessary bureau- cratic procedures. It will be run by a system which will handle all of the processes performed by the Registry of Companies." Schembri said that the new system will make possible the provision of new servic- es which the present system does not cater for. The Agency will be the first one in Europe to be run by a Blockchain-based system as well as Artificial Intelligence. "The premises will serve as the beating heart of the tech- nological activity in Malta. It will reflect our drive to re- main at the forefront of the digital revolution, our com- mitment to embrace new emergent technology and give it room to flourish in our strong ecosystem," Schembri said. He said that the agency was Malta Business Registry's new The Agency will be the first one in Europe to be run by a Blockchain- based system as well as Artificial Intelligence Parliamentary Secretary Silvio Schembri