The Maldives Finance and Leasing Company (MFLC) and BIC Bank Maldives Pvt Ltd have been granted pre-operational approval to provide banking services in the Maldives.
The central bank, Maldives Monetary Authority (MMA) announced that the pre-operational permits were issued to MFLC and BIC Bank Maldives Pvt Ltd on 19 May, as part of its efforts to strengthen and diversify the Maldives’ financial system.
MFLC received approval to convert into a Tier 1 bank under the name of Maldives Finance and Leasing Bank. Meanwhile, BIC Bank Maldives Pvt Ltd has been given permission to establish a Tier 1 bank under the name, BIC Bank Maldives.
According to MMA, both entities will be granted permission to provide banking services in the Maldives upon fulfilment of the requirements imposed by the Authority prior to the commencement of the service.
MMA said the establishment of the banks will expand financial services, increase competitiveness and contribute to the long-term development of the Maldives’ financial sector.