The Maldives Monetary Authority (MMA) has granted pre-operational approval to two companies to establish banking services in the Maldives, as part of efforts to strengthen the country’s financial sector.
In a statement issued Tuesday, the MMA confirmed that Maldives Finance and Leasing Company (MFLC) and BIC Bank Maldives have received approval to operate as Tier 1 banks. MFLC will be restructured and renamed Maldives Finance and Leasing Bank, while BIC will operate under the name BIC Bank Maldives.
The MMA noted that both entities must meet regulatory requirements before receiving final operating licenses. The move is expected to expand financial services, enhance competition, and support the long-term development of the Maldives’ banking industry.
In a statement issued Tuesday, the MMA confirmed that Maldives Finance and Leasing Company (MFLC) and BIC Bank Maldives have received approval to operate as Tier 1 banks. MFLC will be restructured and renamed Maldives Finance and Leasing Bank, while BIC will operate under the name BIC Bank Maldives.
The MMA noted that both entities must meet regulatory requirements before receiving final operating licenses. The move is expected to expand financial services, enhance competition, and support the long-term development of the Maldives’ banking industry.
