The Maldives Monetary Authority has officially granted a commercial banking licence to Maldives Premier Bank Private Limited, allowing the institution to begin operations as a bank in the Maldives.
The licence was presented during a ceremony held at the MMA on Monday by Governor Ahmed Munawar. The event was attended by deputy governors, members of the MMA Executive Committee, and senior representatives of Maldives Premier Bank, including its chairperson, board members and management officials.
In a statement, the central bank said the operational approval and commercial banking licence were formally issued on 18 May 2026, after the company successfully met all regulatory requirements set under a preliminary approval granted a year earlier on 19 May 2025 to establish a Tier 1 bank in the Maldives.
The authority also confirmed that it had approved amendments requested by the applicants regarding the bank’s name and ownership structure before issuing the final licence.
With the addition of Maldives Premier Bank, the number of banks operating in the Maldives has now risen to nine.
According to the MMA, the approval marks an important development for the country’s financial sector, particularly in enhancing competition within the banking industry and improving public access to financial services.
The central bank stated that maintaining a competitive, inclusive and well-regulated financial system remains a key objective, adding that banking licences are issued following extensive regulatory assessments and supervisory standards.
The MMA further noted that the establishment of the new bank is expected to contribute to expanding financial services across the country while strengthening the resilience and diversity of the Maldivian banking sector.
