State Trading Organisation (STO) has stated it is working on providing digital banking services abroad, after acquiring the licence to operate its digital bank.
STO announced last year that it was seeking the operating license for the first digital bank of the Maldives through the Maldives Monetary Authority (MMA). However, MMA had rejected the initial application for the licence, over some issues related to operations.
Speaking to PSM News, Managing Director of STO Hussain Amr said the company is working on resubmitting the application this year after addressing the issues highlighted by MMA. Amr said digital banking services will be launched within six months after acquiring the operating licence. He said the company aims to provide digital banking services abroad, in order to inject more foreign currency into the country.
STO had earlier stated its digital bank will allow users to open bank accounts online and fast-track the process of applying and receiving loans. The company stated the initiation towards digital banking will lead to an internationally recognised institution in the evolving world of digital banking.