State Trading Organization (STO) has requested a license from the Maldives Monetary Authority (MMA) to begin digital banking services in the Maldives, the company announced on Tuesday.
During a press conference in front of the MMA building today, STO Managing Director Husen Amru confirmed that the company had applied to the central bank for a digital banking license.
Amru stated that STO’s digital bank, which will be the country’s first fully digital bank, will operate as one of its subsidiaries.
According to Amru, the MMA will complete the application process for a digital bank license in three months, after which STO will register a company with the Ministry of Economic Development to operate the digital bank.
He further stated that the bank, which is set to open in 2022, will provide customers with great convenience, such as opening an account in less than five minutes and submitting a loan application in 60 seconds.
Amru highlighted that all bank services will be digital, allowing customers to conduct business without physically visiting banks. He added the company is recruiting digital banking experts from top international banks for its digital bank.
In addition, he said that digital banking will be the backbone of the Maldives’ digitalization project, providing numerous benefits to local businesses.