The Development Bank of Maldives (DBML) has been permitted to commence banking business following the issuance of the required approvals by the Maldives Monetary Authority (MMA).

The MMA said the launch of the bank is expected to support long-term financing and contribute to the sustainable growth of the Maldivian economy, marking an important step in strengthening the country’s financial sector.

DBML was issued a banking licence on 13 October 2024 to operate as a development bank in the Maldives. The bank is fully owned by the State.