The Maldives Monetary Authority (MMA) has issued pre-operational permits to two parties to provide banking services in the Maldives, marking a significant step in the ongoing development of the country’s financial sector.
According to the MMA, the permits were granted on May 19 as part of broader efforts to strengthen and diversify the nation’s financial system.
The two entities granted permission are:
Maldives Finance and Leasing Company Pvt Ltd (MFLC) – to convert into a Tier 1 bank under the name Maldives Finance and Leasing Bank.
BIC Bank Maldives Private Limited – to establish a Tier 1 bank under the name BIC Bank Maldives.
MMA stated that both institutions would be authorized to offer banking services in the Maldives upon fulfilling the conditions outlined by the authority.
“The entry of these banks is expected to enhance competition, broaden financial access, and support the long-term growth of the financial sector,” MMA said in a statement.
This development is seen as a positive stride toward expanding banking options for businesses and individuals across the country.