The Bank of Maldives (BML) has launched a new feature allowing customers to invest US dollars into profitable investment pools directly through its mobile app and internet banking platform.

The service introduces daily investment pools with varying yields, giving customers real-time opportunities to invest. BML stated that upon investing US dollars, the equivalent amount in Maldivian Rufiyaa (MVR) will be instantly credited to the investor's account, and the returns will be deposited into the customer’s MVR account the following day. According to the bank, these investment pools offer varying returns, reaching up to 25 percent.

Speaking at the launching ceremony held this morning at the Hotel Jen ballroom, BML Chief Executive Officer and Managing Director Mohamed Shareef revealed that the volume of dollars sold monthly for overseas debit and credit card transactions has surged 3.7 times over the past five years. He noted that an average of $39.3 million is sold monthly, while the number of customers utilizing this service has doubled. Currently, between 250,000 and 300,000 people use MVR cards for international transactions every month, primarily driven by the rapid rise in cross-border e-commerce among Maldivians.

While the card business remains highly profitable for BML, Shareef emphasized that the bank's ability to sell dollars depends directly on its foreign currency inflows and the amount of USD it can successfully purchase.

Over the past 36 months, BML has sold approximately $1.6 billion for personal needs and card transactions, with nearly 60 percent allocated specifically to card transactions—a figure that continues to rise monthly.Shareef cautioned that selling dollars at the current rate is unsustainable, given the limited supply of USD available for the bank to acquire. To address this, BML established this mutually beneficial system to assist USD investors, card users, and the bank alike. Under this model, individuals who earn in USD can invest in these high-yield pools.

The fees collected from international e-commerce retail platforms and other transactional fees will then be passed on to the investors after deducting operational expenses. A live demonstration of the new FX Investment service was also showcased during the event.