State Trading Organisation (STO) has stated efforts are still ongoing to acquire the operating license for its digital bank.
STO announced last year that it was seeking the operating license for the first digital bank of the Maldives through the Maldives Monetary Authority (MMA). However, MMA had rejected the initial application for the license, over some issues related to operations.
Speaking to PSM News, Managing Director Hussain Amr revealed STO has not abandoned the project to establish the digital bank, noting a response has been provided to MMA regarding its concerns. Amr said the establishment of a digital bank would enable easier and faster international transactions and bring major economic benefits to the country. He expressed confidence the operating license for the digital bank can be acquired by the end of this year.
STO had earlier stated its digital bank will allow users to open bank accounts online and fast-track the process of applying and receiving loans. It added the initiation towards digital banking will lead to an internationally recognised institution in the evolving world of digital banking.