Managing Director of State Trading Organisation (STO) Hussain Amr has revealed its digital bank will be called EVOLV.
In a tweet, Managing Director Amr said more countries are introducing virtual banking, which STO is keen on initiating in the Maldives. Amr said the company needs to move with the times, prioritise progressive thinking, and facilitate financial technology as much as possible. He added he is looking forward to Maldives Monetary Authority (MMA) issuing the license for EVOLV soon.
STO submitted its application for a digital bank operating license from MMA in September last year.
The company stated its digital bank will allow users to open bank accounts online and fast-track the process of applying and receiving loans. It added the initiation towards digital banking will lead to an internationally recognised institution in the evolving world of digital banking.
Managing Director Amr has 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 said 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.
He added that STO has the capital to open an internationally recognised digital bank, as the organisation is already involved in a variety of businesses.