MMA Grants Pre-Operational Approval for Two New Tier 1 Banks
MMA granted pre-operational approval to two new banking institutions on May 19, 2025 | Photo: MMA
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). In addition, BIC Bank Maldives Private Limited has been approved to establish a Tier 1 bank under the proposed name BIC Bank Maldives.
These approvals mark the MMA’s formal authorisation for both entities to move forward with plans to operate as licensed banks in the Maldives, contingent upon meeting all pre-operational requirements set out by the Authority.
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In a statement, the MMA highlighted that the introduction of MFLB and BIC Bank represents a significant milestone in the expansion of the financial sector. The Authority emphasised that these developments are expected to enhance financial access, foster healthy market competition, and support the long-term growth and stability of the Maldivian economy.
The approvals align with the MMA’s broader strategy to modernise the financial system and promote a more inclusive, competitive, and resilient banking landscape in the Maldives.
