BML introduces Chinese yuan accounts in Maldives

Bank of Maldives (BML) has launched Chinese accounts for the first time, allowing customers greater flexibility in transactions with China.

At a ceremony marking the new service, BML managing director and CEO Mohamed Shareef said customers can now link their debit or credit Visa or MasterCard to China’s WeChat Pay platform.

“This means you can pay directly to merchants in China, like a local,” he said.

Shareef added that customers can deposit money directly into their WeChat wallets in yuan, enabling wallet users to transfer funds to one another. Other features include sending TTs in yuan and receiving inward remittances.

“This is real progress. It’s a great convenience for our people like never before,” Shareef said.

He also noted that yuan denominated LC would simplify trade with China.

Shareef added that BML plans to introduce UnionPay debit and credit cards for yuan accounts starting in January.

The UnionPay card, accepted in more than 180 countries, can be used across the global payment network.

Shareef said the move represents an important step in modernizing the Maldives’ financial sector. Linking one of the world’s largest economies with one of the most widely used platforms in Maldives, he added, will offer BML customers added convenience.

“These services will allow our business community to operate at a larger capacity and give firms unprecedented flexibility. It reflects our commitment to delivering innovative solutions to our customers,” Shareef said.