Maldives to Establish Development Bank

President Mohamed Muizzu decided to establish a development bank named 'Maldives International Financial Services Authority' (MIFSA) following a cabinet discussion. The President tasked MIFSA with drafting regulations for onshore banking licenses, and instructed relevant agencies to review economic policies and draft a bill on international financial centres. Additionally, he ordered the Bank of Maldives (BML) to introduce e-wallet services within a week. Other decisions include drafting a cybersecurity bill, initiating discussions with the UAE and Turkey on cybersecurity, and holding deliberations at the Economic Council for housing finance and low-interest loans.

President Mohamed Muizzu decided to establish a development bank named 'Maldives International Financial Services Authority' (MIFSA) following a cabinet discussion. The President tasked MIFSA with drafting regulations for onshore banking licenses, and instructed relevant agencies to review economic policies and draft a bill on international financial centres. Additionally, he ordered the Bank of Maldives (BML) to introduce e-wallet services within a week. Other decisions include drafting a cybersecurity bill, initiating discussions with the UAE and Turkey on cybersecurity, and holding deliberations at the Economic Council for housing finance and low-interest loans.

President Mohamed Muizzu decided to establish a development bank named 'Maldives International Financial Services Authority' (MIFSA) following a cabinet discussion. The President tasked MIFSA with drafting regulations for onshore banking licenses, and instructed relevant agencies to review economic policies and draft a bill on international financial centres. Additionally, he ordered the Bank of Maldives (BML) to introduce e-wallet services within a week. Other decisions include drafting a cybersecurity bill, initiating discussions with the UAE and Turkey on cybersecurity, and holding deliberations at the Economic Council for housing finance and low-interest loans.

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