President Mohamed Muizzu on Sunday decided to establish a development bank named ‘Maldives International Financial Services Authority.’

The decision, made under the powers vested in the President under the Constitution, followed discussions on a proposal submitted by the Ministry of Economic Development and Trade, and upon recommendation for the cabinet, according to the President’s Office.

“The President has tasked the Maldives International Financial Services Authority with drafting regulations for issuing Onshore Banking Operating Licenses,” the President’s Office said in a statement.

Muizzu further decided to conduct a review of the country’s economic policies and instructed the relevant government agencies to formulate a bill on establishing international financial centres in the country.

At the cabinet meeting on Sunday, President Muizzu tasked the Bank of Maldives (BML) with the introduction of e-wallet services within a week by collaborating with relevant parties to gain access to global online payment and e-commerce platforms. In addition, decisions were made on drafting a bill on cybersecurity and initiating discussions with the United Arab Emirates (UAE) and Turkey on developing cybersecurity infrastructure and enhancing capacity.

In line with a proposal submitted the Ministry of Housing, Land and Urban Development, the President also decided to hold comprehensive deliberations at the Economic Council to explore potential avenues within the banking sector for financing housing and infrastructure development, as well as low-interest housing loan schemes, per the President’s Office.