The “Maldives International Financial Services Authority” has been established.

President Dr. Mohamed Muizzu established the authority on Sunday.

It was constituted in accordance with the powers vested upon the president under Article 116 of the Constitution of Maldives.

The Maldives International Financial Services Authority falls under the mandate of the Ministry of Economic Development and Trade.

The President’s Office revealed that all correspondence addressed to the Maldives International Financial Services Authority will be required to use the number 498, per the numbering system for state agencies.

The formal announcement issued by the President's Office details the objectives and operational functions of the Maldives International Financial Services Authority.

The Maldives International Financial Services Authority was established as a government body in a bid to develop a legal framework for the provision of onshore financing services in addition to offshore financing services mentioned in the Special Economic Zones Act.

The authority’s establishment will enable the formation of offshore and onshore development banks and international financial centers and conduct research to seek modern solutions for the legal and administrative challenges of establishing a competitive system to develop financial markets.