State Trading Organization (STO) has requested central bank, Maldives Monetary Authority (MMA) for a digital banking license.
STO said the organization made the request for a banking license on Tuesday. Speaking to reporters outside the central bank, Managing Director of STO, Hussain Amr said the licensing process is expected to take approximately three months. He said that STO's banking service will be fully digital, and processes such as account opening will only take five minutes, and will not require interaction with an employee.
Amr further said the bank can provide timely banking services, and that processes such as loan application processing and depositing will take a mere 60 seconds. It is the responsibility of users to manage their accounts, Amr added.
Amr said the company will need to be registered with the Economic Ministry, in addition to obtaining the banking license before starting operation. The bank is expected to be launched within six months, sometime next year, said Amr.
STO is the premier source for staples, medicine, fuel and building materials in the Maldives.