Bank of Maldives (BML) has introduced Chinese Yuan accounts for the first time in the country, a move aimed at facilitating financial transactions and trade between the Maldives and China.
The launch was marked at an event attended by the Chinese Ambassador to the Maldives, Kong Xianhua, along with BML Chairperson Ahmed Ali Habeeb, CEO and Managing Director Mohamed Shareef, and members of the bank’s board.
According to the bank, the new service allows both individuals and businesses to open current accounts in Chinese Yuan via internet and mobile banking. Customers will also be able to carry out international transfers directly in Yuan and issue Letters of Credit in the currency, which is expected to ease trade finance operations for importers and exporters working with Chinese partners.
Additional services linked to the new accounts include the option for customers to link BML-issued MVR Visa and Mastercard cards to WeChat Pay for payments in China. Customers can also add USD cards to the platform. For the first time, BML customers will also be able to accept payments in Yuan directly into their WeChat Wallet for use in Mainland China or for peer-to-peer transfers.
BML also announced that it will begin issuing UnionPay cards in January 2026. The cards, available to both individuals and businesses, will be accepted in more than 180 countries.
