Maldives Islamic Bank (MIB) has upgraded its mobile application and launched new services.

The new mobile application allows users to switch to other accounts with access. It was unveiled during a ceremony at Hulhumale' Central Park on Friday night.

The features of the new app allow users to conveniently approve transactions. Other user-friendly features were also added to the app.

MIB's newly introduced Binga Kids Account offers a bundle package of three different types of accounts.

The package includes a Binga Transaction Account, Binga Savings Account and Binga Investment Account for each child.

The Binga Transaction Account provides a cash card for parents to ensure their children are financially responsible. The account sets spending limits and encourages children to save.

During the ceremony, a wearable ring was introduced to replace cash cards for the first time in the Maldives. The ring is like a cash card and comes in different designs and sizes.

MIB said the ring will be available from the Male' Business Centre in Henveiru Marine Dream and MIB branches in the islands starting from Sunday.

The bank provides services with the help of modern facilities and is the only bank that offers instant account opening without visiting the bank.

Business accounts can also be opened online now and MIB has introduced new services to make it easier for customers to access various services.