Bank of Maldives (BML) has launched Chinese Yuan accounts for the first time in the Maldives.

The announcement was made at a ceremony on 22 September, attended by Chinese Ambassador to the Maldives Kong Xianhua, BML Chairperson Ahmed Ali Habeeb, CEO and Managing Director Mohamed Shareef, and members of the bank’s board.

Under the new service, individuals and businesses can now open current accounts in Chinese Yuan through BML’s internet and mobile banking platforms. International transfers in Yuan are also available, allowing businesses and individuals to send and receive payments directly in the currency. Importers and exporters will be able to issue and manage Letters of Credit (LCs) in Yuan, streamlining trade finance with Chinese partners.

BML also announced integration with WeChat Pay, enabling customers to link BML-issued Visa and Mastercard debit and credit cards to the platform to make payments in China. USD debit, credit, and travel cards can also be added to the app. For the first time, customers will be able to receive payments directly in Yuan into their WeChat Wallets, with the funds usable for transactions in Mainland China or transfers via WeChat.

At the launch, BML CEO and Managing Director Mohamed Shareef highlighted the initiative as a major step in modernising the Maldives’ financial system, noting that the new services are expected to improve efficiency for businesses engaged in trade while offering greater convenience for individual customers.

In addition to the Yuan-denominated services, BML confirmed plans to issue UnionPay cards from January 2026. The cards will be available for both individual and corporate customers, granting access to a global network accepted in over 180 countries.