BML introduces Chinese Yuan accounts in a first in the Maldives

National bank, Bank of Maldives (BML), has launched Chinese Yuan accounts for the first time in the Maldives, marking a significant step forward in enhancing trade and financial transactions between the Maldives and China.

Chinese Yuan accounts were introduced to the Maldives during a launch event held on Monday afternoon, which was attended by the Ambassador of China to the Maldives Kong Xinhua, BML’s Chairperson Ahmed Ali Habeeb and BML’s CEO, Managing Director Mohamed Shareef, alongside other senior officials from the bank.

The services introduced by the bank during Monday afternoon’s event include:

Chinese Yuan Accounts: Individuals and businesses can now open current accounts in Chinese Yuan via Internet and Mobile Banking

International Transfers: Customers can send and receive Telegraphic Transfers (TT) directly in Chinese Yuan.

Letters of Credit (LCs): Importers and exporters can now issue and manage LCs in Chinese Yuan, making trade with Chinese partners more efficient.

WeChat Pay Integration: BML customers can link MVR Visa and Mastercard debit/credit cards to WeChat Pay, allowing seamless payments to Chinese merchants. USD debit, credit, and travel cards can also be added.

WeChat Wallet Access: For the first time, customers can receive payments in Chinese Yuan directly into their WeChat Wallet and use the funds for spending in Mainland China or transferring money via WeChat.

Speaking during the ceremony, Shareef said today marked a huge step forward in modernizing Maldives’ financial landscape.

“By integrating with one of the world's largest economies and most widely used payment platforms, we are providing even greater convenience for our customers. These services will allow our business community to trade efficiently and offer unprecedented convenience for individuals, reaffirming our commitment to providing innovative and customer-centric solution,” he explained.

During the event, BML also announced its upcoming plan to issue UnionPay cards starting January 2026. The service will be available to both individual and corporate customers, providing access to a global payment network accepted in more than 180 countries.