The Maldives Monetary Authority (MMA) has granted pre-operational approvals to two entities to establish new Tier 1 banks in the Maldives, subject to completing the authority’s pre-operational requirements. Maldives Finance and Leasing Company Pvt Ltd received approval to transition into a Tier 1 bank under the proposed name Maldives Finance and Leasing Bank, while BIC Bank Maldives Private Limited received approval to establish a Tier 1 bank under the proposed name BIC Bank Maldives. The approvals confirm the MMA’s decision to authorize both as licensed banks once the pre-operational conditions set by the authority have been met.
Maldives Monetary Authority 2025-05-27
Maldives Monetary Authority grants pre-operational approvals for Maldives Finance and Leasing Bank and BIC Bank Maldives as prospective Tier 1 banks
The Maldives Monetary Authority has granted pre-operational approvals for Maldives Finance and Leasing Company Pvt Ltd and BIC Bank Maldives Private Limited to establish new Tier 1 banks. These approvals are contingent upon meeting the authority's pre-operational requirements.