Maldives Islamic Bank (MIB) has launched a new facility that enables Maldivian businesses to receive payments from China directly into their local accounts, either in US dollars or in Chinese yuan. The move addresses a longstanding challenge faced by local manufacturers and traders in repatriating earnings from overseas markets.
The announcement was made during a webinar jointly hosted with Alibaba. Speaking at the event, MIB’s Chief Retail Banking Officer Dr. Hussain Aleem Shakoor explained that businesses in the Maldives had long struggled with high remittance fees and complex procedures when transferring funds from abroad. To ease this burden, MIB has created a cost-efficient channel that allows payments from China to be transferred seamlessly, whether settled in yuan or dollars, and credited to Maldivian accounts in USD.
The initiative is expected to simplify transactions for Maldivian companies engaged in trade with China, improve access to international revenue, and enhance competitiveness. MIB also confirmed plans to expand similar services for businesses dealing with other foreign markets.
The webinar, powered by Alibaba, focused on guiding participants on how to transform local businesses into global enterprises. Alibaba’s team demonstrated the step-by-step process of setting up international storefronts, attracting paying customers, and boosting global sales.
Organized by the Ministry of Economic Development and Trade in collaboration with Alibaba, the event attracted over 700 participants. Its aim was to help Maldivian businesses connect with the world’s largest e-commerce marketplace. The one-day forum, held at the Barcelona Nasandra and joined online by many entrepreneurs, forms part of the government’s broader strategy to expand business opportunities and increase exports.
Alibaba officials, including Group Business Manager Nasri Ma and Public Affairs General Manager Xiong Tao, led key sessions. They provided practical guidance on creating seller accounts, marketing Maldivian products internationally, using artificial intelligence to analyze trends, and applying digital advertising tools for greater outreach.
Participants also learned about pricing strategies, financial transactions through local banks, and international logistics. Maldives Post highlighted its delivery solutions to support exporters.
The ministry emphasized that the initiative supports the government’s target of expanding the creative industry to contribute 15 percent of GDP. By strengthening access to global markets, the program is expected to create new revenue streams and boost the international presence of Maldivian products and services.
Alibaba, which connects buyers and sellers in over 200 countries, has more than 40 million registered users worldwide. The collaboration further strengthens Maldives–China trade ties, complements the Free Trade Agreement set to take effect in January 2025, and supports President Dr. Mohamed Muizzu’s economic agenda.
Speaking at the event, Chinese Ambassador Kong highlighted that the China-Maldives Free Trade Agreement (CMFTA) will not only expand bilateral trade but also open new opportunities for Chinese investment in the Maldives. He described the workshop as an important step in advancing the CMFTA and expressed hope that Maldivian businesses would make full use of e-commerce platforms to strengthen their competitiveness and deepen economic cooperation.
Minister of Economic Development and Trade Mohamed Saeed thanked the Chinese government and the Embassy for their continued support. He said the government hopes to see more Maldivian products enter global markets through digital trade, thereby contributing to economic growth and realizing the administration’s development vision.
To support the initiative, the Ministry, in partnership with Alibaba.com, will host a follow-up online workshop on September 16. The program will guide entrepreneurs in creating seller accounts, marketing products globally, and overcoming barriers to international trade.
This effort is part of ongoing discussions with Alibaba.com and backed by the Chinese government to strengthen bilateral trade under the CMFTA. The Chinese Embassy in the Maldives welcomed the collaboration, describing it as a tangible outcome of the Free Trade Agreement and a shared commitment to advancing cooperation.
Alibaba.com, the first business platform under Alibaba Group, remains one of the largest wholesale marketplaces in the world, connecting millions of small and medium enterprises with global buyers. Alongside Alibaba.com, the Group operates Taobao, Tmall, and AliExpress, while also expanding into cloud computing, digital payments, and logistics. Its mission—“to make it easy to do business anywhere”—aligns closely with the Maldives’ vision of expanding market access for local businesses
