STO Digital Bank to be launched in March 2021

MD of STO Hussain Amru | Photo: Sun

Male’, Maldives – Managing Director of State Trading Organization (STO), Hussain Amru has said that their digital banks services would be available in March 2021.

According to an interview given by MD Amru to the local news outlet “Mihaaru”, the digital bank which STO would introduce is a low operational cost banking system and getting the services would be more convenient to the customers as well.

MD Amru also stated that the services such as opening an account would be done within minutes without having to go to a physical office. He also said that customers can take a loan within a minute using their service.

“We will be providing service of this bank very closely to the customers. With prompt services. We are in the process of getting consultancy from the famous European bank, Deutsche Bank.”

Hussain Amru, MD of STO

He also added that this would allow customers to fulfill their financial needs with ease and also said that the customers can track their communications and applications to the digital bank.

MD Amru also said that after two months of consultancy, starting from January 2021 onward, they would be able to launch the digital bank by March 2021. STO is currently carrying out a survey to collect public opinion for the digital bank with the assistance of CDE Consulting.