Bank of Maldives (BML) CEO and Managing Director Mohamed Shareef has said technology is no longer just a tool to improve banking operations, but a key driver of sustainable development and long-term national progress.

Shareef made the remarks at the inauguration ceremony of Co.Lab 26, a programme hosted by Maldives Digital and Innovation Company (MINDCo) and BML.

He said BML, as the national bank, has a role beyond providing financial services.

“As the national bank, we are not only a provider of financial services. We also have an important role in accelerating national development, increasing economic resilience and ensuring the benefits of innovation reach communities across the Maldives,” Shareef said.

Shareef highlighted the transformation of banking services in the Maldives, noting that services which once required extensive paperwork and physical visits are now widely accessible through digital platforms.

He said 99.9 per cent of financial transactions carried out through BML are now conducted digitally outside the bank’s branches.

Co.Lab 26 also saw the launch of the Maldives’ National AI and Data Competency Centre (NADCC), a collaboration between BML and MINDCo under the Maldives 2.0 Digital Transformation agenda.

Shareef said the launch of the centre reflects the Maldives’ commitment to actively shaping its future through technology rather than merely adapting to global technological change.

He said the world is experiencing technological change at an unprecedented pace, with artificial intelligence and data transforming economies, industries and societies.

Shareef noted that the Maldives, as a geographically dispersed island nation, has long faced challenges linked to distance and connectivity. However, he said Maldivians have shown the ability to overcome such challenges through technological innovation.

In addition, he said the growing use of AI and data presents major opportunities for the Maldives to strengthen institutions, improve service delivery, increase business productivity and create more opportunities for people across all islands.

The CEO stressed that building a digitally resilient nation requires close collaboration between the Government, State institutions and the private sector.

He added that technological advancements have improved convenience for customers, expanded access to financial services and enabled more people across the Maldives to participate in the modern digital economy.