The Bank of Maldives (BML) has selected global financial services software provider Finastra to modernise its core banking system as part of the bank's long-term digital transformation strategy.
The agreement will see BML implement Finastra Essence, a core banking platform designed to improve operational efficiency, accelerate the development of new financial products and enhance banking services across both its conventional and Islamic banking operations.
According to the two companies, the new platform will enable the bank to bring new products and services to market more quickly, automate key banking processes and strengthen customer service through greater operational flexibility. The system is also expected to support relationship managers in offering more tailored financial products while maintaining the bank's dual banking model.
BML Chief Executive Officer and Managing Director Mohamed Shareef said the partnership marked an important milestone in the bank's transformation programme.
"Our strategy is anchored in continuous innovation and delivering lasting value to the customers and communities we serve," he said. "Our partnership with Finastra Essence represents a pivotal step in our digital transformation journey, providing the agile, future-ready foundation we need to accelerate innovation, drive operational excellence and expand our ability to deliver world-class financial services to customers nationwide."
Finastra's Executive Vice President for Universal Banking, Siobhan Byron, described the Bank of Maldives as a key institution within the country's financial sector and said the company looked forward to supporting its modernisation efforts.
She said Finastra Essence's open and flexible architecture would help the bank innovate more rapidly while maintaining resilience and operational excellence.
BML said it selected Finastra Essence following an evaluation of core banking platforms, citing its advanced functionality, open technology architecture, flexibility, delivery capabilities, market reputation and engagement throughout the selection process.