Dubai-based Mojay Global Holding Limited has submitted their application to Maldives Monetary Authority (MMA) to open a digital bank in the Maldives.
Digital Bank of Maldives (DBM) is set to open under Mojay's Fintech project. The bank will operate exclusively through digital means.
Mojay released in a statement that as the bank is fully automated, the time taken to obtain services will be greatly reduced. The company said that services such as opening an account, applying for loans, making payments and transferring money from one account to a large number of people at the same time can be done within a short period of time.
Mojay said that the bank will also have a number of security features when DBM begins in the Maldives. These will include biometric, out-of-band authentication, device management, card technology, data encryption, two factor authentication, information messages via OTP, fraud detection system and security features such as e-signatures.
The company said the bank will expand its services to countries with existing Mojay branches such as UAE, Brazil, India and the United States. Mojay said that this will bring many benefits to those who want to start a new business and that the service will be provided at good prices.
In the statement by Mojay the company stated that they will make arrangements to receive euros and dollars through a JV with Swiss Bank. This will make it easier for banks and businesses currently operating in the Maldives to obtain dollars.
Ceo and Managing Director of Mojay, Raul Silva said that as the Maldives is a growing market, it will benefit the economy in the future as technology progresses.
STO had also submitted an application to MMA to establish a digital bank in the Maldives by the name "Evolve". MMA had decided not to grant a license to the bank.
In January, MMA's board decided not to grant a license to STO under the Banking Act after a technical evaluation failure.
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