The SME Development Finance Corporation (SDFC) has formally rebranded as SME Digital, marking a strategic transformation in its institutional mandate and operational scope. The shift reflects a deliberate move away from its traditional role as a standalone financial provider, positioning the entity as a comprehensive, Shariah-compliant digital platform serving small and medium-sized enterprises (SMEs) across the country.
The rebranding was announced at a ceremony held at Barceló Nasandhura Malé, where senior leadership from the Bank of Maldives (BML) officiated the launch. BML Chairperson Ahmed Ali Habeeb and Chief Executive Officer Mohamed Shareef presided over the event, which also introduced the campaign ‘Dhiveheenge Bank – Mulhi Raajje ah’, underscoring the national ambition of the initiative.
Speaking at the ceremony, Badhurudheen Hassan, Chief Executive Officer and Managing Director of SDFC, outlined the institution’s expanded remit. “We have decided to introduce digital tools necessary for small businesses to manage their finances, alongside the required digital payment solutions for enterprises, all accessible through the SME Digital mobile application,” Hassan said.
The mobile platform is intended to serve as a nationwide digital marketplace, connecting entrepreneurs, business partners, and service seekers. It will offer essential financial management tools and integrated payment services, reflecting the company’s commitment to technological innovation. Hassan described the rebranding as a critical step in shaping the company’s future through modern digital applications.
This institutional shift follows SDFC’s recent transition into a subsidiary of BML, a structural change that has enabled immediate technological integration between the two entities. SME Digital’s services will now be accessible within the BML mobile application via an Application Programming Interface (API) link, allowing customers to make payments for SME Digital facilities directly through the app.
According to the institution, SME Digital is the first financial entity in the Maldives to be established in accordance with Islamic Shariah principles that supports SME development while operating with advanced digital infrastructure. The platform is designed to accelerate the development and expansion of the local SME sector, positioning itself as a pioneering force in the country’s financial landscape.