As part of the efforts by the central bank, Maldives Monetary Authority (MMA) to strengthen and advance the financial system, pre-operational licenses have been granted to two companies to provide banking services in the Maldives.

The pre-operational licenses were issued on 19 May 2025.

The licenses were granted to Maldives Finance and Leasing Company Private Limited (MFLC), to convert into a Tier 1 bank under the name Maldives Finance and Leasing Bank, and BIC Bank Maldives Private Limited, to establish a Tier 1 bank under the name BIC Bank Maldives.

With the newly-granted licenses, the central bank has revealed that once the two companies fulfill the conditions set by the authority that need to be completed before commencing services, they will be granted permission to provide banking services in the Maldives.