STO has the opportunity to participate in the government's development bank

State Trading Organisation Managing Director Shimad Ibrahim has stated that the organization has been given the opportunity to participate in the Development Bank of Maldives, which was established by the government last May.

In reply to a shareholder query about the organization's digital bank at its annual general meeting last night, Shimad said he had received the recommendations of the MMA when he applied for the license to open the digital bank. However, instead, they have the opportunity to participate in the government's development bank, he said.

STO applied to the MMA in September 2021 for permission to set up a digital bank called 'Evolve' However, the authority decided not to grant the permit in January 2022.

STO later decided to apply for the license again. However, it is not known whether the request was made. No information has been shared about it.