Bank of Maldives Launches First-Ever Chinese Yuan Accounts in Maldives

Bank of Maldives (BML) has introduced Chinese Yuan accounts for the first time in the country, marking a milestone in strengthening financial and trade links between the Maldives and China.

The launch ceremony, held today, was attended by the Chinese Ambassador to the Maldives, His Excellency Kong Xianghua, BML Chairperson Ahmed Ali Habib, CEO and Managing Director Mohamed Shareef, along with members of the bank’s board.

With the new service, businesses and individuals can now open current accounts in Chinese Yuan through internet and mobile banking apps. The bank has also rolled out international transfer services in Yuan, enabling customers to send and receive funds directly in the currency. Importers and exporters will further benefit from the issuance of Letters of Credit (LCs) in Yuan, simplifying trade transactions with Chinese companies.

In addition, BML announced the integration of its debit and credit cards with WeChat Pay, one of the world’s largest payment platforms. Customers with Rufiyaa, USD debit, USD credit, and Travel cards can link them to WeChat Pay for seamless transactions with Chinese merchants. For the first time, Maldivians will also be able to receive funds in Yuan directly to their WeChat Wallets, spend them in China, or transfer them to others via the platform.

Speaking at the event, CEO Mohamed Shareef said, “Today marks an important step forward in modernizing the Maldives' financial sector. Connecting with one of the world’s largest economies and most widely used platforms will bring additional convenience to our customers. These services will enable our business community to conduct transactions more efficiently and provide individuals with unprecedented conveniences.”

Further expanding its product offerings, BML also announced it will begin issuing UnionPay cards from January 2026. The cards, accepted in over 180 countries, will provide individuals and businesses with access to a vast global payment network.

The introduction of Yuan accounts and related services highlights BML’s continued efforts to enhance international banking capabilities in the Maldives and reflects the growing importance of China as a trade and financial partner.