State Trading Organisation (STO) has applied at the Maldives Monetary Authority (MMA) to get a license to start digit banking service.

Talking to the press after filing the application today, the Managing Director of STO, Hussain Amru said that the banking service they intend to start would be completely digital.

And so, accounts can be opened online within five minutes.

He said that according to MMA, the application process for digital banking service would take three months.

And starting the service would require a digital banking license after registering at the Economic Ministry, the Managing Director of STO said that they hope to launch the service next year.