The Maldives is accelerating efforts to modernise its financial and business services, with both the banking sector and the Government introducing new digital initiatives aimed at making transactions faster, smarter and more efficient.
Speaking at the Maldives Financial Expo, Bank of Maldives Chief Executive Officer Mohamed Shareef said the country's financial sector is entering a new phase of transformation, with the next five years focused on creating a payment ecosystem that is seamless, automated and fully interconnected.
Shareef said future payment systems will allow transactions to take place almost invisibly through integrated digital platforms. As an example, he described how a tourist booking a holiday in the Maldives could have payments automatically and instantly distributed among resorts, seaplane operators and speedboat services, regardless of which bank each business uses. He said this would be made possible through interconnected payment systems using Application Programming Interfaces, or APIs.
He also highlighted the growing role of digital identity and biometric technology in making financial services more secure, accessible and inclusive. According to Shareef, artificial intelligence will further transform the sector by enabling faster access to working capital for small and medium-sized enterprises, providing personalised financial advice and strengthening fraud detection.
The BML CEO said another emerging trend is "agentic commerce", where AI-powered digital agents can independently complete purchases and financial transactions on behalf of individuals and businesses. He noted that such innovations have the potential to reshape tourism, business operations and international money transfers.
Despite rapid technological progress, Shareef stressed that developing skilled human resources must remain a national priority. He called for greater investment in workforce upskilling, stronger cybersecurity, and closer collaboration between banks, regulators, fintech companies and educational institutions to ensure the country fully benefits from digital transformation.
Meanwhile, the Ministry of Economic Development, Transport and Trade has announced measures to improve the efficiency of its online Business Portal by addressing a large backlog of incomplete applications.
According to the ministry, more than 12,000 business registration applications remain unfinished due to incomplete procedures or outstanding fee payments. Strategy and Registry Service Consultant Yoosuf Naeem said the system currently contains approximately 12,500 pending applications.
Under a notice published in the Government Gazette on 2 July, applicants have been given until 2:00 p.m. on 16 July to complete the remaining requirements. The ministry said completed applications will be processed, while those that remain incomplete after the deadline will be automatically cancelled.
Officials cautioned that applicants whose reserved business names are cancelled may not be able to secure the same names when submitting a new application, making it important to complete the process within the given timeframe.
The ministry also announced further technological enhancements to the Business Portal. Under the upgraded system, applicants will receive comprehensive notifications whenever corrections are required. If the requested changes are not made within three days of the notification, the application will be cancelled automatically. The ministry said the new process will reduce administrative backlogs, improve efficiency and enhance the quality of public services.
Together, these initiatives reflect the Maldives' broader push towards a more modern, digitally connected financial and business environment, supporting innovation, improving public services and strengthening the country's long-term economic development.
