STO requests central bank for digital banking license

STO's Managing Director Hussain Amr (C) outside MMA headquarters in Male' City on September 7, 2021. (Sun Photo/Fayaz Moosa)

State Trading Organization (STO) states it has requested the central bank for a digital banking license.

STO’s Managing Director Hussain Amr said the company requested Maldives Monetary Authority (MMA) for the license this Tuesday.

He made the announcement in a press conference in front of MMA headquarters in Male' City on Tuesday morning.

Amr said that the digital bank STO plans on opening will be run as one of its subsidiaries, and will be the first fully digital bank in Maldives.

Amr said that MMA has informed him it will take three months to receive the license, and that STO will apply to register the company with Economic Ministry as soon as it receives the license.

STO expects the bank to open next year.

Amr said that the bank will offer great convenience to customers. He said that customers will be able to open an account in five minutes and submit loan applications in 60 seconds.

He stressed that all services will be digital, allowing customers to conduct their business without having to physically go to banks.

Amr said STO is recruiting digital banking experts from top overseas banks for the new bank.

Amr said that digital banking is the backbone of the project to digitalize Maldives, and will provide numerous conveniences to businesses.