Banking

BML introduces Chinese Yuan accounts for the first time in the Maldives

In addition to introducing Chinese Yuan accounts in the Maldives, during the event, Bank of Maldives also announced its plans to issue UnionPay cards from January 2026.

BML

BML

The Bank of Maldives (BML) has announced the launch of Chinese Yuan accounts for the first time in the Maldives, marking a significant step forward in enhancing trade and financial transactions between the Maldives and China. 

The launch event, held on 22 September 2025, was attended by the Ambassador of the People’s Republic of China to the Republic of Maldives, His Excellency Kong Xianhua, Ahmed Ali Habeeb, Chairperson of BML, Mohamed Shareef, CEO and Managing Director of BML, as well as Members of the Board. 

At the event, Bank of Maldives introduced: 

  • Chinese Yuan Accounts: Available for individuals and businesses on Internet and Mobile Banking, current accounts can now be opened in Chinese Yuan. 
  • International Transfers using Chinese Yuan: Businesses and individuals can now send and receive international transfers (TT) directly in Chinese Yuan. 
  • Letters of Credit (LCs): Importers and exporters can issue and manage Letters of Credit in Chinese Yuan, streamlining trade finance operations with Chinese partners. 
  • WeChat Pay: BML customers can add BML-issued MVR Visa and Mastercard debit and credit cards to WeChat Pay to make payments to merchants in China, opening up the possibility for Maldivians to pay seamlessly on one of the world’s largest payment platforms. Customers can also add their USD debit, USD credit and travel cards to WeChat Pay. 
  • WeChat Wallet: For the first time, customers can accept payments in Chinese Yuan directly into their WeChat Wallet and use these funds to make payments in Mainland China or send money through WeChat. 
Today marks a significant leap forward in modernising the Maldives' financial landscape. By integrating with one of the world's largest economies and most widely used payment platforms, we are providing even greater convenience for our customers. These services will allow our business community to trade efficiently and offer unprecedented convenience for individuals, reaffirming our commitment to providing innovative and customer-centric solutions.
Mohamed Shareef, BML's CEO and Managing Director

During the event, Bank of Maldives also announced its plans to issue UnionPay cards from January 2026. This service will be available to both individual and corporate customers, offering them access to a vast global payment network accepted in over 180 countries

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