MMA Clears Path for New Banks

The Maldives Monetary Authority (MMA) has issued pre-operational permits to two parties to provide banking services in the country. On May 19, MFLC received approval to rename itself Maldives Finance and Leasing Bank. A permit was also granted to BIC Bank Maldives Pvt Ltd.

Both entities are cleared to operate as Tier 1 banks once they meet certain requirements. MMA said this move will boost financial services, promote competition, and support long-term growth in the Maldives’ financial sector.