Pre-operational Approvals Granted to Two New Banks in the Maldives

News

On 19th May 2025, the Monetary Authority of Maldives (MMA) granted pre-operational approvals to two entities as part of its ongoing initiative to strengthen and diversify the country’s banking sector.

Maldives Finance and Leasing Company Pvt Ltd (MFLC) received approval to transition into a Tier 1 bank under the proposed name Maldives Finance and Leasing Bank (MFLB). Additionally, BIC Bank Maldives Private Limited was approved to establish a Tier 1 bank under the proposed name BIC Bank Maldives.

These approvals signify the MMA’s authorization for both MFLB and BIC Bank Maldives to operate as licensed banks in the Republic of Maldives, contingent upon their successful completion of all pre-operational requirements set by the Authority.

The MMA views these advancements as key milestones to enhance financial access, foster healthy competition, and promote the sustainable growth of the Maldivian financial sector.