Maldives to establish new authority to bring in global finance centers

President Dr. Mohamed Muizzu has announced plans to establish the Maldives International Finance Services Authority – which he said will be the first step in efforts to have international financial centers operate in the country.

He made the announcement during the launch of a multimillion-dollar project to develop the Velana International Airport (VIA) on Thursday night.

President Muizzu said the Maldives Monetary Authority (MMA) and other relevant institutions have initiated efforts to establish the new authority.

“Maldives International Finance Services Authority will become the first step to facilitating the establishment of international financial centers in the Maldives. The work related to this is underway,” he said.

He said that the Parliament will formulate the laws needed for it.

He added that the initiate will be discussed in depth at the Cabinet meeting scheduled for Sunday.

The decision to establish the Maldives International Finance Services Authority comes after the Cabinet decided earlier this week to establish the Maldives Industrial Development Free Zone (MIDFZ) - a 100 percent state-owned enterprise that will focus on economic diversification, ensuring economic security and tapping into the business of transshipment and re-exporting.

The company will be co-owned by five existing SOEs; State Trading Organization (STO), Maldives Ports Limited (MPL), Maldives Airports Company Limited (MACL), Urbanco, and Maldives Transport and Contracting Company (MTCC).