Bank of Maldives (BML) has unveiled a new service offering Chinese yuan accounts, marking a first for the country and expanding options for customers conducting business with China.
At a launch event, BML Managing Director and CEO Mohamed Shareef highlighted the significance of the service, emphasizing the convenience it brings for both individuals and businesses.
Seamless Payments Through WeChat Pay
Customers can now link their debit or credit Visa or MasterCard to China’s popular WeChat Pay platform. Shareef explained, “This means you can pay directly to merchants in China, just like a local.”
Additionally, users can deposit funds directly into their WeChat wallets in yuan, transfer money between wallets, send telegraphic transfers (TTs) in yuan, and receive inbound remittances.
“This is real progress. It’s a great convenience for our people like never before,” Shareef said.
Facilitating Trade and Business Growth
The new service also includes yuan-denominated letters of credit (LCs), which are expected to simplify trade with China.
Looking ahead, BML plans to roll out UnionPay debit and credit cards linked to yuan accounts starting January. Accepted in more than 180 countries, the cards will integrate with a global payment network, offering customers broader access for international transactions.
“This move represents a significant step in modernizing the Maldives’ financial sector,” Shareef noted. “By connecting one of the world’s largest economies with one of the most widely used platforms here, we are providing our customers with added convenience.”
He added that the new services will enhance the operational capacity of businesses and provide unprecedented flexibility for firms. “It reflects our commitment to delivering innovative solutions to our customers,” Shareef concluded.
