The Bank of Maldives (BML) has announced that efforts were underway to allow its customers to do transactions in UAE Dirhams and Chinese Yuan.
Speaking at the bank's Annual General Meeting, BML CEO and Managing Director Karl Stumke said the bank's systems have been configured to prepare for transactions in the two currencies.
"We are now able to provide Renminbi accounts to our customers who would like to receive Renminbi settlements and use this for future payment obligations," he said.
BML posted a profit of MVR 2.07 billion last year. Stumke highlighted that it is the highest net profit in the bank's history to date.
"This extraordinary achievement is attributed to several factors including efficient liquidity management, increased investment in Treasury Bills, and a growing loan portfolio," he said.
"Our customer deposits grew by MVR 1.6 billion, solidifying our position as the leading bank in the Maldives with over 55% of the market share and reflecting the trust our customers place in us."
Currently, BML customers account for 55 percent of the banking sector in Maldives making it the largest bank in Maldives.
"We are committed to continuously improving your experience with us and make banking with us as seamless and convenient as possible," Stumke stated.
BML has recently made arrangements to facilitate payments through China's WeChat Pay. WeChat Pay's QR code payments are now accepted by merchants. WeChat Pay is a digital wallet for mobile payments. By the end of 2023, the service had 1.1 billion users.
