Pre-operational approval granted to two prospective banks, MFLC and BIC Bank

Maldives Monetary Authority (MMA) has granted pre-operational approvals to two new prospective banks: Maldives Finance and Leasing Company Pvt Ltd (MFLC) and BIC Bank Maldives Private Limited.

The central bank said it granted pre-operational approvals to MFLC and BIC Bank on May 19^th as part of the authority’s ongoing efforts to strengthen and diversify the Maldivian banking sector.

In this regard, MFLC was granted pre-operational approval to transition into a Tier 1 bank under the proposed name Maldives Finance and Leasing Bank (MFLB).

BIC Bank Maldives Private Limited was granted pre-operational approval to establish a Tier 1 bank under the proposed name BIC Bank Maldives.

MMA said the approvals confirm the MMA’s decision to authorize the establishment of MFLB and BIC Bank as licensed banks in the Maldives, subject to the successful completion of all pre-operational requirements outlined by the Authority.

MMA added that they consider these developments important steps in enhancing financial access, encouraging competition, and supporting the long-term growth of the Maldivian financial sector.