Maldives Set to Welcome Two New Banks as MMA Grants Pre-Operational Permits

The Maldives Monetary Authority (MMA), the nation's central bank, has taken a significant step toward expanding the financial landscape of the country by issuing pre-operational permits for two new banking institutions.

New Entrants: MFLC and Bic Bank Maldives

On May 19, the MMA granted permits to two financial entities—Maldives Finance and Leasing Company (MFLC) and Bic Bank Maldives Pvt Ltd. MFLC has also been approved to rebrand itself as Maldives Finance and Leasing Bank. Both institutions have been authorized to operate as Tier 1 banks, signaling full-service banking capabilities once operational.

While the pre-operational permits mark a major milestone, both banks must fulfill a set of regulatory preconditions before they can commence full banking services. The MMA will issue final operational licenses once these requirements are met, ensuring that the institutions are fully compliant with national financial standards and practices.

According to the MMA, the introduction of these two banks will play a crucial role in diversifying and strengthening the Maldives’ financial sector. The central bank emphasized that increased competition among banks is expected to enhance service quality, drive innovation, and support long-term economic development.

This initiative aligns with broader national goals of fostering financial inclusion and supporting the Maldives' economic resilience. With more players in the financial services market, individuals and businesses across the archipelago are expected to benefit from improved access to banking services.

The expansion of the banking sector is not just a regulatory development—it has tangible benefits for the public and businesses alike. New banks introduce more financial options, competitive interest rates, and customer-centric innovations. For a growing economy like the Maldives, fostering a robust financial ecosystem is critical for sustainable development.