SME Development Finance Corporation (SDFC) has officially rebranded, with the company’s name changed to ‘SME Digital’.
The company’s name change was approved at the Extraordinary General Meeting of shareholders held on 30 October. Following approval from the Maldives Monetary Authority (MMA), the new name has been officially registered with the Ministry of Economic Development and Trade, the corporation said.
SME Digital will be a comprehensive digital platform providing a range of essential services for Micro, Small, and Medium-sized Enterprises (MSMEs) across all industries. The company’s services will be structured not only to provide financing solutions but also to support businesses in managing their financial transactions, enhancing operational efficiency, and enabling market accessibility.
Through this transformation, SME Digital will evolve into a financial institution that delivers integrated resources and digital tools designed to empower SMEs at every stage of their business journey, from establishment and growth to expansion and digital transformation.
Following its recent transition to a subsidiary of the Bank of Maldives (BML), SME Digital has commenced integration efforts with BML to enhance customer convenience and accessibility. As part of this initiative, customers are now able to make payments for SME Digital facilities directly through the BML Mobile Banking App, enabled via secure API connectivity.
Following the company’s rebranding, the SME Digital Mobile App is scheduled to be launched soon. The Mobile App will allow customers to conveniently update their user profile information, view details of their financing facilities, access payment solutions, and a range of digital services. In the next phase, a nationwide digital marketplace will be introduced, a platform designed to connect entrepreneurs, service providers, and business partners across the Maldives, facilitating greater collaboration and market access for SMEs.
SME Digital’s CEO, Badhurudheen Hassan, said this rebranding marks the beginning of a renewed commitment to transforming the entire ecosystem for small and medium-sized enterprises.
“We aim to integrate innovative solutions, modern technologies, and active collaboration among all stakeholders. Today’s SMEs need more than just financing; they require strong business networks, technical expertise, digital infrastructure, and continuous support. At SME Digital, through these key enablers, we are dedicated to driving sustainable growth and long-term success,” he said.
SME Digital targets to be the Maldives' first shariah-compliant financial institution set to operate utilising modern digital technology to accelerate the growth and advancement of the MSME sector. The company's new brand identity and suite of digital services will be introduced progressively in phases over the coming months after obtaining any necessary permits and licenses.
With this rebranding and name change, there is no impact on customers, and all approved financing facility terms and sanction details remain unchanged. However, the General Terms and Conditions of the company have been updated to reflect the changes following the rebranding and new system integrations.