The introduction of a mobile application for the Maldives Securities Depository (MSD) is targeted for next year, the company’s chief executive officer, Noorbaan Fahmy, stated. Appearing on the PSM News programme 'Raajje Miadhu', Noorbaan outlined a five-year vision for the nation’s stock exchange and depository, characterising expedited access to financial services as a vital step towards enhancing service quality.
Deploying a dedicated application will significantly propel buy-and-sell trading activity and attract new investors, she noted, explaining that the institution is leveraging internal staff to establish a robust infrastructure and ensure seamless market access. “This year, in particular, the groundwork will be laid for undertaking extensive work towards end-to-end investor automation,” Noorbaan underscored.
Surveying the domestic economic landscape, Noorbaan observed persistent constraints in acquiring US dollars, capital challenges for commercial enterprises, and an evident need for mechanisms to service government debt obligations. Rather than relying exclusively on banking institutions to expand businesses, alternative financing avenues must be cultivated through sustainable structural modifications, she maintained, detailing measures to broaden market participation and elevate service standards.
“Specialised considerations have been formulated,” Noorbaan elaborated. “For instance, establishing arrangements to secure financing for environmentally friendly projects as well. These represent mechanisms that are progressively advancing even across developed nations globally.”
Operating as a subsidiary of the Maldives Stock Exchange (MSE), the depository is entrusted with clearing, settlement, and the safe custody of financial securities such as shares and bonds.