CMD Finance Leasing Company Private Limited has been granted the license for the financial leasing business.

Maldives Monetary Authority (MMA) granted CMD the license to carry out finance leasing business deals in the Maldives, on Wednesday.

As per the authority, CMD’s license is effective from 8 January and the company is required to operate services within six months after being granted license.

The deadline for CMD Finance Leasing Company to begin operating finance leasing services has been set at 8 July 2020.

While MMA made the reveal via Twitter on Wednesday, the authority revealed that this will lead to the progress of the financial sector of the country, in turn increasing competitiveness.

JMT Private Limited, a Japanese company has 99 percent share in CMD, a registered company in the Maldives.