A decade of innovation: CBM powers up local enterprises with new Visa business cards and upgraded mobile app

The Commercial Bank of Maldives (CBM) has marked a full decade of operations during a major commemorative gathering attended by the financial institution's executive leadership and team members.

To honor this milestone, the bank teamed up with global digital payments leader Visa to roll out two payment cards crafted specifically for the Maldivian commercial sector: the Visa Business Debit Card and the Visa Corporate Credit Card. This rollout broadens the institution’s current range of financial products, aiming to grant enterprises greater day-to-day convenience alongside stricter governance over daily operational outlays.

The institution noted that these products are built to help organizations process payments with higher security and speed, refine expenditure oversight, and lessen their reliance on physical cash.

Addressing the debut, the bank's managing director, Elmo Sooriyaarachchi, described the arrival of these cards as an essential advancement in their pursuit of modern, protected, and accessible banking offerings. He stressed that present-day firms require swiftness and productivity when handling financial operations, explaining that the alliance with Visa enables the bank to provide customized services fitting customer demands while aiding the growth of a sturdy digital commerce environment across the nation.

Visa’s country manager for Sri Lanka and the Maldives, Avanthi Colombage, pointed out that evolving domestic enterprises increasingly seek dependable, sophisticated mechanisms to manage outlays and transactions. She added that Visa supplies international expertise to ensure trustworthy digital transaction options within the market.

Under this setup, the debit variation allows firms to cover day-to-day expenditures by tapping straight into their existing corporate balances, whereas the corporate credit card extends a dedicated credit line to streamline organizational purchasing. Both instruments are functional across the domestic and worldwide Visa network. The launch aligns with the bank's overarching strategy to reinforce its product portfolio for both large corporate entities and small to medium-sized enterprises.

Alongside these enterprise offerings, the bank utilized the event to debut myCBM, a digital application designed for its retail patrons. Serving as the direct replacement for the previous mobile platform, the application carries over all legacy features while introducing improved capabilities to maximize efficiency and ease of use.

The bank stated that the platform was developed to grant users the fastest, most convenient path to their accounts, describing the broader suite of features and improved user journey as a major step forward in advancing its digital banking operations.