MMA Grants Pre-Operational Approvals to Two New Banks

The Maldives Monetary Authority (MMA) has granted pre-operational approvals to two entities seeking to enter the country’s banking sector, marking a significant step toward diversifying and strengthening financial services in the Maldives.

According to a statement issued by the Authority on 19 May 2025, Maldives Finance and Leasing Company Pvt Ltd (MFLC) has been approved to transition into a Tier 1 commercial bank under the proposed name Maldives Finance and Leasing Bank (MFLB). Additionally, BIC Bank Maldives Private Limited has been granted approval to establish itself as a Tier 1 bank under the name BIC Bank Maldives.

The approvals indicate the MMA’s intent to authorize both institutions to operate as licensed banks in the country, pending the successful completion of all regulatory pre-operational requirements.

The MMA described these approvals as part of its broader strategy to expand financial access, foster greater competition, and promote sustainable growth within the Maldivian banking and financial sector.