Founding Vision: A Catalyst for Financial Transformation
First National Finance Corporation was founded on July 15, 2021, by four visionary individuals who shared a common goal: to serve as a catalyst for the development of the financial sector in the Maldives. With a mission to seamlessly integrate the local economy into the global financial system, the company has drawn upon the robust educational backgrounds and extensive industry expertise of its founders to bring about significant transformation within the financial landscape.
Pioneering the Capital Market: A Proud Contributor
Since the enactment of the Maldives Securities Act in 2006, the capital market sector has experienced significant growth. Despite being a relatively young market, First National Finance Corporation has made substantial contributions to this progress. The company has been a driving force in advancing the sector through innovative strategies and a deep commitment to enhancing the financial ecosystem.
Revolutionizing Access: The Launch of Maldives’ First Online Trading Platform
In May 2022, First National Finance Corporation revolutionized the Maldives’ financial market by launching the first online trading platform for shares listed on the Maldives Stock Exchange. This initiative aimed to make investing more accessible to a broader audience, including individuals, families, and businesses. By 2023, the platform had processed over 600 orders totaling MVR 635 million and had onboarded 117 new investors, bringing the registered user base to 306.
Capital Raising: Facilitating Growth Through the Capital Markets
Throughout 2023, First National Finance Corporation played a crucial role as the Lead Arranger for companies seeking to raise capital through the Maldives’ capital markets. The company successfully facilitated financing for four prominent entities—Euro Marketing Private Limited, Maldives Ports Limited, Eye Care, and Medtech Diagnostics Private Limited—raising over MVR 128 million. The corporation is currently engaged with six companies to facilitate their bond issuances, including the country’s first Green Bond, underscoring its commitment to sustainable finance. Additionally, First National’s dedication to Islamic finance was highlighted by the structuring of two Sukuks and the signing of a memorandum of understanding (MoU) with Amana Takaful (Maldives) Plc to advance Islamic finance offerings in the domestic market.
Innovative Financial Solutions: Launching the Maldives’ First Money Market and Savings Fund
On July 15, 2022, First National Finance Corporation introduced the Maldives’ first Money Market and Savings Fund, designed to provide attractive risk-adjusted returns. By the end of 2023, the fund had achieved an impressive 7.5% return, surpassing the targeted 5.5%. This initiative o]ered a stable investment avenue for clients, helping them preserve and grow their capital amidst inflationary pressures and rea]irming the company’s commitment to safeguarding investors’ savings.
Wealth Management: Supporting Long-Term Success
First National Finance Corporation’s wealth management services have been integral to the success of its clients. By the end of 2023, the company managed assets valued at over MVR 35 million. Through its comprehensive wealth management portfolio, First National has assisted well-established firms in formulating strategic plans and restructuring business models to ensure sustainability and adaptability in dynamic business environments. This holistic approach to financial solutions reflects the company’s dedication to supporting the long-term success of its clients.
Knowledge Sharing: Enhancing Financial Literacy with First National Insights
Understanding the broader economic landscape has been a priority for First National Finance Corporation. To empower its stakeholders with informed financial decisions, the company launched the “First National Insights” publication. The inaugural report, “The Tourism Outlook,” provided an in-depth analysis of the tourism sector, key source markets, and insights into the aviation industry and related infrastructure. Moving forward, the company plans to expand its coverage to include diverse industries in future reports, contributing to the enhancement of financial literacy and confidence among its stakeholders.
Global Engagement: Strengthening Ties with the International Financial Community
In 2023, First National Finance Corporation made significant strides in establishing agency arrangements with key global financial entities, including stock exchanges, asset/fund managers, credit rating agencies, investment advisors, and fund administrators. Additionally, the company-initiated dialogues with supranational and bilateral financial organizations, trade promotion bodies, and diplomatic offices. These efforts are aimed at enhancing the company’s capacity to deliver robust services that meet international standards while elevating the Maldives’ presence in the global financial arena.
Looking Ahead: A Vision for Continued Growth and Innovation
As First National Finance Corporation celebrates its third anniversary, the company reflects on its achievements with gratitude. The invaluable guidance of Mr. Rifaath Jaleel, Chairperson of the Board, and the esteemed Board members, along with the dedication and expertise of the First National team, have been instrumental in the company’s success.
Looking forward, First National Finance Corporation remains committed to sustaining its efforts by engaging with market regulators and the local business community to ensure regulatory compliance and foster collaborative growth opportunities. The company is also exploring opportunities to expand its range of products and services to better meet the evolving demands of its clientele. Through the implementation of practical and innovative solutions, First National Finance Corporation aims to continue providing reliable service, cultivating enduring partnerships, and contributing to the growth and stability of the Maldives.
