The central central bank, Maldives Monetary Authority (MMA), has issued pre-operational licenses to two additional entities to provide banking services in the Maldives. MMA stated that on May 19, pre-operational licenses were granted to Maldives Finance and Leasing Company (MFLC) to change its name to Maldives Finance and Leasing Bank, and to establish a bank under the name of BIC Bank Maldives Private Limited.
Both parties have been granted permission to establish a Tier 1 bank
The central bank also stated that both parties will be granted permission to provide banking services in the Maldives upon fulfilling the conditions set to be completed before commencing services. MMA said that thesed that these are important steps that will expand financial services, increase competition, and contribute to the long-term growth of the Maldives’ financial sector.
