STO readies to launch Digital Banking in Maldives

STO MD with senior members of the corporation outside MMA | Photo: STO

The largest state-owned enterprise in the Maldives, State Trading Organization (STO) has submitted application formally to acquire license to initiate a digital bank.

Furthermore, the Managing Director of STO Mr. Hussain Amr along with senior members of the corporation attended Maldives Monetary Authority (MMA) to submit the application for license.

Mr. Amr, while addressing the media post application submission to MMA, affirmed that he was hopeful of the license coming through within the next three months.

Moreover, the state owned enterprise will launch the digital bank after acquiring all regulatory formalities including the official registration of the bank at Ministry of Economic Development.

STO front-man believes the corporation’s digital bank will come to fruition sometime in the coming year.

According to STO Managing Director, their digital bank will provide direct banking services to customers without the necessity of clerical intervention. Customers can open their accounts digitally in less than five minutes.

Moreover, customers will be able to apply for loan services or similar funding under 60 seconds while the funds will be credited to the customers’ accounts promptly.

STO claims their vision for a digital bank involves providing self management of finances for the customers without the need of bank personnel and taxing paper works.