STO denied digital banking license

Maldives Monetary Authority (MMA) has made the decision to deny State Trading Organization (STO) a digital banking license. 

Sun has been informed MMA informed STO of its decision on January 19. 

STO had submitted the request for a digital banking license in September last year. 

STO’s Managing Director Hussain Amr said at the time that the digital bank STO planned to open plans would be run as one of its subsidiaries, and would be the first fully digital bank in Maldives. 

He said that the bank would offer great convenience to customers, enabling customers to open accounts in five minutes and submit loan applications in one minute. 

STO said at the time that it was recruiting digital banking experts from top overseas banks, and expected to open the bank this year.