Malé, Maldives – Mojay Global Holding Limited has announced the launch of its fintech project ‘Digital Bank of Maldives (DBM)’ a first in the Maldives.
The Dubai based Investment Holding Group submitted the application to establish the Digital Bank of Maldives to the Governor of the Maldives Monetary Authority (MMA) Ali Hashim on Wednesday, 23rd February, 2022.
With digital transformation being a core part of DBM’s strategy, the bank will be fully automated and thus eliminate the need of bureaucratic and time wasting processes in the Bank-Client relation, said the bank. In addition to this, DMB will follow a simple registration system with remote account openings in a few minutes, instant loan applications, personal payments, and refined bulk payments allowing users to transfer to multiple beneficiaries from a single account. Further, the digital bank will be integrated with enhanced security features like biometrics, out-of-band authentication, device management, card tokenization, data encryption, two-factor authentication, transaction confirmation via OTP, fraud detection system, and eSignatures.
The launch of DBM will result in the growth of local banks in Maldives from the current 37.5% to 44.4%. With the Maldives as the primary market, DBM will expand its services in other regions such as the UAE, Brazil, India, and the USA – where the group is already present. This fintech project will also push innovative financial services and solutions that will benefit the younger generation of entrepreneurs and SMEs. It will also enable the young population using smartphones to maintain user-friendly relations with the bank at competitive rates. In addition to this, DBM has a cost-efficient business model that will offer its clients attractive rates. Through a JV in the form of external asset managers with a prestigious Swiss Bank, DBM will have access to competitive interbank borrowing rates in Euro and USD, benefiting local banks, companies and projects in the Maldives.
Furthermore, as a digital bank, it may provide critical sources of direction and guidance on digital transformation in the Maldives, thus further promoting the potential positioning of the bank locally and internationally, including the offering of new and innovative services and carbon credit initiatives.
Commenting on the project, Raul Silva, CEO and Managing Director of Mojay Global Holding Limited, said, “Technology and Fintech are two of the main business verticals of Mojay Global Holding group. Our leadership and teams understand how and in what direction technological transformations will change the core of the banking and finance industry for many years to come. Moreover, the Republic of Maldives is an emerging market and rapidly adapting to newer, advanced technologies that will prove beneficial for the economy in the long run.”
