Travellers heading to this Indian Ocean paradise can expect an even smoother, more connected experience as Bank of Maldives (BML) has been honoured by Mastercard for its leadership in advancing the country’s digital economy. The recognition was presented to BML’s Chief Executive Officer and Managing Director, Mohamed Shareef, by Mastercard’s Country Manager for Sri Lanka and the Maldives, Sandun Hapugoda, during the prestigious Digital Finance Leadership event held in Singapore.
At the heart of this achievement lies the Digital Country Partnership, a national initiative signed in August 2025 between the Ministry of Homeland Security and Technology, Bank of Maldives, and Mastercard. The partnership is designed to modernise the nation’s digital infrastructure and expand access to secure, efficient digital services across the islands, ensuring that individuals, businesses, and communities can fully participate in an increasingly cash-lite economy.
For visitors, this progress translates directly into convenience. The Maldives welcomes more than two million tourists a year, and digital payments now play a central role in how guests pay for resorts, guesthouses, transfers, and experiences across the archipelago. With this partnership recognised on a regional stage, travellers can be confident that the country’s main financial institution is investing in robust, secure systems that support international payment cards and modern digital banking channels.
Bank of Maldives, established in 1982, is the country’s largest financial institution, serving customers across all 20 atolls. The bank operates an extensive nationwide network of branches, self-service banking centres and ATMs, complemented by a full suite of digital banking services that allow customers and visiting tourists to access funds and make payments around the clock. This physical and digital reach makes BML a key enabler of both local commerce and the tourism economy.
The recognition from Mastercard also reflects a long-standing collaboration between the two organisations. Since becoming a Principal Member of Mastercard in 2002, BML has worked closely with the global payments company on a series of projects that have reshaped the national payments landscape. These include innovative “smart city” solutions and the integration of contactless card payments on the Raajje Transport Link (RTL) bus and ferry network, allowing passengers to simply tap their Mastercard or Visa cards whether issued locally or overseas to pay for journeys, or purchase tickets via the RTL mobile app. For tourists, this means easier movement between islands and within the capital region, with less reliance on cash or physical tickets.
Through the Digital Country Partnership, BML and Mastercard are now working together to deepen this digital ecosystem. The initiative focuses on expanding access to secure electronic payments, supporting small and medium-sized businesses with modern payment solutions, and enhancing the security and reliability of digital transactions nationwide. These efforts contribute not only to the country’s financial inclusion and economic resilience, but also to the overall visitor experience making it simpler for guests to pay for services in resorts, local shops, restaurants, wellness centres and activity providers using familiar global card brands and digital channels.
According to the bank, Mastercard’s recognition underscores BML’s role in championing progress through technology and collaboration. By investing in advanced digital platforms, strengthening cybersecurity, and building strategic partnerships, the bank is helping to drive both economic and technological development in the country.
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