Bank of Maldives (BML) has announced plans to replace its core banking platform with a new system as part of its long-term digital transformation programme aimed at improving banking services and operational efficiency.

The bank has selected global financial technology company Finastra to provide the new platform, known as Finastra Essence, which will support both conventional and Islamic banking operations. BML said the upgrade is intended to strengthen its digital infrastructure and enable the bank to respond more quickly to changing customer and business needs.

BML said the new system is expected to simplify internal processes through greater automation while providing a more flexible platform for developing new financial products and services. It is also expected to support relationship managers in delivering more tailored banking solutions to customers.

BML Chief Executive Officer and Managing Director Mohamed Shareef said the project forms part of the bank's broader strategy to modernise its operations and improve customer experience. He said the investment would provide the technological foundation needed to support future innovation and the continued expansion of the bank's services nationwide.

Finastra Executive Vice President for Universal Banking Siobhan Byron said the company would work with BML as it modernises its banking infrastructure, adding that the platform is designed to help financial institutions improve operational performance while introducing new services.

BML said it chose Finastra after evaluating a range of core banking solutions, citing the platform's capabilities, flexibility and the company's experience in delivering banking technology.