The Maldives Monetary Authority (MMA) has granted a banking licence to Maldives Premier Bank Private Limited, authorising the company to operate as a commercial bank in the Maldives.

The licence was formally presented at a ceremony held at the MMA on Monday by Governor Ahmed Munawar. Deputy governors, members of the MMA Executive Committee, and representatives of Maldives Premier Bank, including its chairperson, board members and senior management, attended the event.

In a statement, the MMA said it had issued the commercial banking licence and operational approval to Maldives Premier Bank on 18 May 2026, after the company fulfilled all conditions set by the authority under a preliminary approval granted on 19 May 2025 to establish a Tier 1 bank.

The authority also approved changes requested by the applicants concerning the bank’s name and ownership structure before granting the final licence.

With the addition of Maldives Premier Bank, the total number of banks operating in the Maldives has increased to nine.

The MMA said the issuance of the licence signals an important step in strengthening the country’s financial sector, increasing competition within the banking industry and expanding access to financial services for the public.

The authority stated that its objective is to maintain a competitive and inclusive financial system in the Maldives through rigorous licensing and supervision based on sound regulatory principles.

The MMA added that the new licence represents a significant development in efforts to broaden financial services across the country and further reinforce the resilience of the Maldivian banking sector.