Viyana private market turns three; raises over MVR 500 million for businesses

Maldives Stock Exchange (MSE) is marking the third anniversary of Viyana, a digital platform launched on 28 September 2022 to open up capital market opportunities for private companies.

Since its inception, the platform has raised more than MVR 500 million across nine companies in sectors ranging from marketing to finance, making it one of the country’s most significant innovations in private business funding.

Developed in-house by MSE and introduced in collaboration with the Capital Market Development Authority (CMDA), Viyana allows companies to raise capital through private placements of securities. It offers a regulated system that brings together issuers, investors and advisors, while promising greater transparency and efficiency.

Viyana began with just 100 registered investors. Its first issuance, a bond sold by Euro Marketing in December 2022, was oversubscribed; a sign of early confidence in the platform.

In the three years since, nine companies have issued debt instruments through Viyana, including three sukuk and six bonds. Seven of the issuers are fully private and considered vital to the Maldivian economy.

Key highlights so far:

The investor base has grown to include institutional players alongside retail investors, with pension funds and private individuals gaining access to new opportunities.

The stock exchange has ambitious plans for Viyana’s next phase. Among the products under consideration are:

Further development of the securities market will depend not only on new instruments but also on strengthening its infrastructure, including the introduction of more financial advisors, credit rating agencies and market researchers to support independent analysis.

The MSE’s five year vision is to bring tourism sector companies to market, expand SDG-linked securities, and widen investor participation.

Its aim is to make Viyana one of the main avenues for raising funds for medium sized businesses in Maldives.

Further details on investment opportunities are available at viyana.mv.