Dubai-based Mojay Global Holding Limited has requested permission from the Maldives Monetary Authority (MMA) to establish a digital bank.
Mojay Global, a technology business company, submitted a proposal to MMA to open a digital bank in late February. The opening of the bank will boost the existing banks in the Maldives by 37.5% to 44.4%, according to Mojay Global.
Managing Director Raul Geraldes Silva said Mojay Global is a knowledgeable company that works together in the technology and fintech sectors. He also noted the Maldives is a growing market in the industry, and that its management team is well aware of the innovations in the country. He also said establishing a digital bank would boost the economy of the Maldives. He noted the establishment of a digital bank in the Maldives will expand services in the financial sector.
It is not the first time a digital bank has been proposed to be established in the Maldives. State Trading Organisation (STO) has previously submitted a proposal to MMA to establish a digital bank in the Maldives. However, although MMA decided against granting a license, STO has expressed optimism to establish a digital bank by the end of the year.