K. Male'
|
22 Sep 2025 | Mon 16:50
Bank of Maldives
BML
Chinese Yuan accounts
BML launches Chinese Yuan banking services in a first for Maldives
As part of the rollout, BML unveiled a suite of new services aimed at supporting both individuals and businesses engaged in cross-border transactions with China.
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The Bank of Maldives (BML) has introduced Chinese Yuan banking services for the first time in the country, marking a major step in enhancing financial and trade ties between the Maldives and China.
The official launch event, held on Monday afternoon, was attended by the Ambassador of the People's Republic of China to the Maldives Kong Xianhua, BML Chairperson Ahmed Ali Habeeb, CEO and Managing Director Mohamed Shareef, as well as members of the Bank’s Board of Directors.
As part of the rollout, BML unveiled a suite of new services aimed at supporting both individuals and businesses engaged in cross-border transactions with China:
- Chinese Yuan Accounts: Customers can now open current accounts in Chinese Yuan via Internet and Mobile Banking, available for both personal and business use.
- International Transfers in Yuan: BML now facilitates international Telegraphic Transfers (TT) in Chinese Yuan, enabling smoother and more direct remittances and payments.
- Trade Finance in Yuan: Importers and exporters can issue and manage Letters of Credit (LCs) in Chinese Yuan, simplifying and streamlining trade with Chinese partners.
- WeChat Pay Integration: BML debit and credit cardholders, including Maldivian Rufiyaa, U.S. Dollars, and travel card users, can now link their cards to WeChat Pay, one of the world’s largest digital payment platforms, allowing for seamless transactions with Chinese merchants.
- WeChat Wallet Access: For the first time, customers can receive payments in Chinese Yuan directly into their WeChat Wallet and use those funds within China or to send money through the platform.
Speaking at the launch, BML CEO and Managing Director Mohamed Shareef said the introduction of Yuan-based services marks a transformative moment in the country’s financial sector.
Today marks a significant leap forward in modernizing the Maldives' financial landscape. By integrating with one of the world's largest economies and most widely used payment platforms, we are providing even greater convenience for our customers. These services will allow our business community to trade efficiently and offer unprecedented convenience for individuals, reaffirming our commitment to providing innovative and customer-centric solutions.”
Mohamed Shareef, BML’s CEO and MD.
In addition, BML announced plans to begin issuing UnionPay cards starting January 2026. These cards will be available for both individuals and corporate clients, offering access to a global payment network accepted in more than 180 countries.
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