The Maldives Monetary Authority (MMA) has recognised four financial institutions for their contributions to digital innovation, financial inclusion and sustainable finance at the inaugural Maldives Financial Sector Awards, held as part of the Authority's 45th anniversary celebrations.

Bank of Maldives (BML) emerged as the biggest winner of the awards, receiving two honours. The bank won the Excellence in Digital Finance and Innovation award for its role in expanding digital banking services and modernising banking through technology, as well as the Excellence in Green and Sustainable Finance award in recognition of its support for environmentally responsible financing and sustainable development initiatives in the Maldives.

The Excellence in Financial Inclusion award was jointly presented to Maldives Islamic Bank (MIB) and Allied Insurance Company of the Maldives. MIB was recognised for expanding access to banking services through its "Apply Now" digital platform and for promoting Islamic banking across the country, while Allied Insurance was honoured for broadening access to insurance services and strengthening financial protection for individuals and businesses.

FahiPay Pvt Ltd received the Excellence in Emerging Financial Innovation award for its contribution to advancing financial technology and digital payment solutions. MMA noted that the company's innovative payment solutions have demonstrated strong potential to improve financial services while supporting the continued growth of digital finance in the Maldives.

The awards were introduced this year to recognise excellence and encourage continued progress across the country's financial sector. Categories covered financial inclusion, digital finance and innovation, green and sustainable finance, emerging financial innovation, financial literacy and consumer empowerment, SME finance and distinguished contributions to the financial sector.

While honours were presented across most categories, the judging panel did not select winners for the Excellence in Financial Literacy and Consumer Empowerment and Excellence in Small and Medium Enterprises (SMEs) Finance categories after determining that submissions did not meet the required standard during this award cycle.