The Maldives Monetary Authority (MMA) has confirmed that the Bank of Maldives (BML) is conducting its acquisition of government shares in the SME Development Finance Corporation (SDFC) per all applicable laws and regulations.
The MMA’s clarification follows recent allegations suggesting that the transaction violates the Banking Act. In a statement, the central bank said it has reviewed the procedures followed by BML and found no breach of the relevant legal framework.
The MMA also noted that the transaction does not contravene the Banking Act of the Maldives, and BML has assured that every aspect of the acquisition will adhere strictly to regulatory requirements.
The decision to sell the government’s stake in SDFC to BML was approved during the Cabinet meeting held on July 20. BML has stated that the acquisition aims to support the digital transformation of MSME banking, expand financial inclusion, and enhance prosperity in the economy through its robust financial capabilities and digital expertise.
The MMA’s clarification follows recent allegations suggesting that the transaction violates the Banking Act. In a statement, the central bank said it has reviewed the procedures followed by BML and found no breach of the relevant legal framework.
The MMA also noted that the transaction does not contravene the Banking Act of the Maldives, and BML has assured that every aspect of the acquisition will adhere strictly to regulatory requirements.
The decision to sell the government’s stake in SDFC to BML was approved during the Cabinet meeting held on July 20. BML has stated that the acquisition aims to support the digital transformation of MSME banking, expand financial inclusion, and enhance prosperity in the economy through its robust financial capabilities and digital expertise.
