Bank of Maldives (BML) has introduced Chinese Yuan accounts for the first time in the Maldives, marking a milestone in strengthening financial connectivity between the two countries.

The official launch took place this afternoon in Malé, attended by Chinese Ambassador to the Maldives, Kong Xianhua, BML Chairperson Ahmed Ali Habeeb, Chief Executive Officer and Managing Director Mohamed Shareef, and members of the Bank’s Board of Directors.

With this introduction, BML customers, both individuals and businesses can now open current accounts in Chinese Yuan via Internet and Mobile Banking.

The new services also allow direct international transfers in Yuan and the ability for importers and exporters to issue and manage Letters of Credit (LCs) in the Chinese currency, simplifying trade transactions with Chinese partners.

In addition, the Bank announced new digital payment integrations with WeChat, one of China’s most widely used platforms.

Customers can now link BML-issued MVR, USD, and travel debit and credit cards to WeChat Pay for seamless payments to merchants in China.

For the first time, customers will also be able to receive funds in Yuan directly into their WeChat Wallets and use them for purchases in Mainland China or peer-to-peer transfers through the app.

Speaking at the event, BML CEO and MD Mohamed Shareef described the move as a significant leap forward in modernizing the Maldives’ financial landscape.

He added that by aligning with one of the world’s largest economies and payment platforms, BML was providing greater convenience for customers, enabling businesses to trade more efficiently, and reaffirming our commitment to innovative, customer-focused solutions.