BML CEO says 'invisible' payments will shape Maldives' financial future

Bank of Maldives (BML) Chief Executive Officer and Managing Director Mohamed Shareef says the next phase of the Maldivian financial system will be driven by payment services that operate seamlessly in the background.

Speaking during a panel discussion at the Maldives Financial Forum on Thursday, Shareef said the country's financial sector is moving towards a model in which transactions become largely invisible to users.

He said the focus would not simply be on introducing new payment methods, but on creating an integrated payment ecosystem.

"When that happens, financial transactions will occur seamlessly behind the scenes. For instance, imagine a tourist booking a holiday, and the payment is instantly split and processed to the resort, the seaplane, the speedboat and the excursion providers—without even needing to look at which bank the tourist is using. This is the power of a payment ecosystem interconnected via Application Programming Interfaces (APIs)," he said.

Shareef said technologies such as biometric authentication, including digital identities, fingerprint verification and facial recognition, are expected to become more widely used in financial services.

He also said artificial intelligence could support payment systems by analysing transaction data to provide working capital to small and medium-sized enterprises, deliver personalised financial guidance and strengthen fraud detection.

According to Shareef, the Maldives should prepare for these developments while ensuring that the financial system meets the needs of visitors.

He said the country should also be ready to accommodate digital assets if tourists choose to make payments using stablecoins or cryptocurrencies.

Shareef said greater investment is needed in digital literacy, workforce skills, cybersecurity and cooperation between regulators, banks, financial technology companies and educational institutions.

"We have laid the foundation, but this is not the end. The pace at which technology is advancing within the digital payments sector means no institution has the luxury of standing still. Our greatest asset for advancement is our ability to continuously learn and adapt to changing environments," he said.

He added that the long-term objective is to create a payment system where transactions can be completed securely and efficiently across different platforms, regardless of the financial institution used by the customer.