The Bank of Maldives (BML) has officially introduced its first Chinese Yuan (CNY) account in the country, a move aimed at strengthening trade and financial cooperation between the Maldives and China.
The inauguration ceremony was attended by the Chinese Ambassador to the Maldives, Kong Xiangwu, BML Chairperson Ahmed Ali Habeeb, CEO and Managing Director Mohamed Shareef, and members of the bank’s board.
With the launch of this service, both businesses and individuals in the Maldives will now be able to open accounts in Chinese Yuan, carry out international transfers, issue letters of credit, and access WeChat Pay services. Notably, this is the first time WeChat Wallet will support direct payments in CNY in the Maldives.
“Today signifies a crucial step in the modernization of the Maldives’ financial sector,” said BML CEO Mohamed Shareef. “These services will empower Maldivians to conduct business more efficiently and open up facilities that were previously unavailable.”
BML also announced that it will begin issuing UnionPay cards in January 2026. The card will be accepted in over 180 countries worldwide, further expanding financial accessibility for Maldivian customers.