Maldives Monetary Authority (MMA) has granted a banking licence to Maldives Premier Bank Pvt Ltd, allowing the company to begin commercial banking operations in the Maldives.

The licence and operational approval documents were received on behalf of the bank by board member Aisha Noorain Janah.

MMA said the bank was granted approval after fulfilling the regulatory requirements set by the authority following the issuance of a Tier 1 banking licence approval on 19 May last year. 

In a statement, the central bank described the move as an important step towards strengthening the country’s financial sector, increasing competition within the banking industry and improving access to financial services. 

“The granting of the licences to Maldives Premier Bank Pvt Ltd is an important step forward in the authority’s efforts to further strengthen the Maldives financial sector, increase competition in the banking industry and provide easy access to financial services to the people,” MMA said.