Bank of Maldives (BML), has launched Chinese Yuan accounts for the first time in the Maldives, marking a significant step forward in enhancing trade and financial transactions between the Maldives and China.
The launch event was attended by the Chinese Ambassador to the Maldives Kong Xianhua, BML Chairperson Ahmed Ali Habeeb, Chief Executive Officer and Managing Director of BML, Mohamed Shareef, as well as members of the bank’s board.
BML’s Chinese Yuan Accounts are available for both individuals and businesses via Internet and Mobile Banking. Current accounts can now be opened in Chinese Yuan for the first time.
The bank has also introduced International Transfers using Chinese Yuan, enabling businesses and individuals to send and receive international transfers (TT) directly in Chinese Yuan. Letters of Credit (LC) facilities are also available, allowing importers and exporters to issue and manage Letters of Credit in Chinese Yuan, streamlining trade finance operations with Chinese partners.
Additionally, WeChat Pay is now available. BML customers can add their BML-issued MVR Visa and Mastercard debit and credit cards to WeChat Pay to make payments to merchants in China, opening up the possibility for Maldivians to pay seamlessly on one of the world’s largest payment platforms. Customers can also add their USD debit, USD credit and travel cards to WeChat Pay.
For the first time, customers can accept payments in Chinese Yuan directly into their WeChat Wallet and use these funds to make payments in Mainland China or send money through WeChat.
Speaking at the launch event, BML CEO Mohamed Shareef said the occasion marks a significant leap forward in modernising the Maldives' financial landscape. By integrating with one of the world's largest economies and most widely used payment platforms, the bank is providing even greater convenience for its customers, he said. These services will allow the business community to trade efficiently and offer unprecedented convenience for individuals, reaffirming the bank’s commitment to providing innovative and customer-centric solutions, he added.
During the event, BML also announced its plans to issue UnionPay cards from January 2026. This service will be available to both individual and corporate customers, offering them access to a vast global payment network accepted in over 180 countries.