SME Digital has announced plans to introduce two new financing schemes aimed at expanding access to financial services for small and medium-sized enterprises, including a new facility to support the purchase of marine vessels.

The announcement was made following the company’s recent rebranding from SME Development Finance Corporation to SME Digital. The company now operates as a subsidiary of Bank of Maldives to enhance service quality and introduce new financing solutions.

Speaking to State Media, SME Digital’s Government Portfolio Officer-in-Charge Aminath Muha said the company is working to launch a vessel financing scheme as part of its service expansion. She said the scheme is in its final stages of development and is expected to be introduced soon.

She explained that the vessel financing scheme will allow customers to purchase or build marine vessels, as well as acquire essential equipment, machinery, and engines required for operations. She added that the initiative is intended to support businesses operating in the maritime and related sectors. 

SME Digital is working to introduce a separate financing scheme for merchants based on the use of Bank of Maldives’ point-of-sale (PoS) services. In addition, alongside the existing agriculture financing facility, a Shariah-compliant agricultural finance scheme is also being developed.

Digital In-Charge of Marketing and Communications at SME Digital Mariyam Shazna, said the company aims to provide comprehensive and accessible solutions for a wide range of small and medium-sized enterprises. She said efforts are ongoing to ensure that financing options are available for different business needs, with plans to introduce additional products next year where gaps currently exist.

As a subsidiary of Bank of Maldives, SME Digital’s systems are integrated with the bank’s mobile application through application programming interface (API) connections, allowing customers to make payments via the BML app.

SME Digital said it is the first financial institution in the Maldives established in accordance with Islamic Shariah while utilising modern digital technology to support the growth and development of the SME sector across the country.