Bank of Maldives (BML) has launched Chinese Yuan accounts for the first time in the Maldives, a move expected to significantly enhance trade and financial connectivity between the Maldives and China.
The launch event, held this afternoon, was attended by the Chinese Ambassador to the Maldives, His Excellency Kong Xianhua, BML Chairperson Ahmed Ali Habeeb, CEO and Managing Director Mohamed Shareef, and Members of the Board.
BML announced several key services to support both individuals and businesses:
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Chinese Yuan Accounts – Available through Internet and Mobile Banking, allowing customers to open current accounts in Chinese Yuan.
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International Transfers – Businesses and individuals can now send and receive telegraphic transfers (TT) directly in Yuan.
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Letters of Credit – Importers and exporters can issue and manage LCs in Yuan, streamlining trade finance with Chinese partners.
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WeChat Pay Integration – Customers can now link BML-issued MVR Visa and Mastercard debit and credit cards, as well as USD cards, to WeChat Pay, enabling seamless payments in China.
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WeChat Wallet – For the first time, Maldivians can accept payments directly in Yuan into their WeChat Wallet and use those funds for purchases or money transfers within China.
Speaking at the launch, BML CEO and Managing Director Mohamed Shareef called the initiative “a significant leap forward in modernising the Maldives’ financial landscape.”
“By integrating with one of the world’s largest economies and most widely used payment platforms, we are providing even greater convenience for our customers. These services will allow our business community to trade efficiently and offer unprecedented convenience for individuals, reaffirming our commitment to providing innovative and customer-centric solutions.”
BML also revealed plans to issue UnionPay cards from January 2026. The cards will be available to both individuals and corporate customers, granting them access to one of the world’s most widely accepted global payment networks, covering over 180 countries.
Industry observers see the move as a significant step towards deepening bilateral trade relations, facilitating smoother financial flows, and supporting the Maldives’ growing tourism and business ties with China.
