Webinar on Digital Transformation in the Maldives on 9 July 2026

The webinar featured Abdulla Hassan, Director of Financial Strategy and Planning, and Moosa Nimal, Chief Business Officer of the Bank of Maldives. Moderated by Mig Moreno, Deputy Secretary-Treasurer of the Asian Bankers Association, it addressed the economy, the bank’s digital strategy and financial inclusion. Presentation by Abdulla Hassan Abdulla Hassan described the Maldives as a country of approximately 1,192 islands, with around 187 inhabited and about 180 operating as resorts. This geographical dispersion makes digital banking essential for reaching isolated communities. Tourism contributes more than 60% of GDP directly and indirectly. The country welcomed approximately 2.2 million tourists in the previous year and generated around US$5.3 billion in tourism receipts. The economy is valued at about US$7.5 billion. Economic growth has generally ranged from 5% to 7%, while inflation has remained below 5% despite heavy dependence on imports. Fishing remains important, although tourism dominates investment, government revenue and foreign-currency earnings. Presentation by Moosa Nimal Moosa Nimal explained that the Bank of Maldives serves approximately 390,000 customers in a country of about half a million people. It reaches close to 90% of the bankable adult population and leads major banking segments. The bank employs around 1,200 people, more than 99% of whom are Maldivian. Its network includes 49 branches, approximately 208 self-service banking centres, around 340 ATMs and about 6,000 merchants. Nimal said the bank’s strategy combines digital-first delivery, customer service and sustainability. As most transactions occur online, branches are becoming sales and service centres focused on advice and community engagement. Question-and-Answer Session The Q&A addressed competition, tourism, digital transformation, COVID-19 and financial inclusion. Nimal said eight banks operate in the Maldives and that the monetary authority monitors anti-competitive conduct and pricing. Hassan explained that more than two million tourists visit annually and that over 70% of tourism-related foreign-currency inflows pass through the Bank of Maldives. Nimal identified telecommunications infrastructure, smartphone use and internal technical capability as the main drivers of digital transformation.