State Trading Organisation (STO) has announced it has submitted its application for a digital bank operating license from the Maldives Monetary Authority (MMA).
Making the announcement on Twitter, STO stated its digital bank will allow users to open bank accounts online and fast-track the process of applying and receiving loans. STO added its initiation towards digital banking will lead to an internationally recognised institution in the evolving world of digital banking.
Speaking to the press, the Managing Director Hussain Amr expressed hope STO will receive its operating license within three months. STO will register a subsidiary company for digital banking and begin operations next year, said Amr adding STO is also seeking a highly experienced team to operate the digital bank.
He also said all the services provided by the digital bank will be available online and that users will be able to open an account within five minutes and apply for a loan within 60 seconds. He added the digital bank will deposit loans to the user's account and that the main purpose of the digital bank is to allow users to manage their finances online without having to go to a bank.
Furthermore, Amr said STO has the capital to open an internationally recognised digital bank, as the organisation is already involved in a variety of businesses.