New platform adopted 23 July 2026 aims to ease legacy limitations, boost automation, and enhance straight-through processing across services.
Established in 1982, the Bank of Maldives is now the largest bank by assets and branch presence in the Republic of Maldives, serving more than 390,000 customers through an extensive network of branches, self-service banking centers, ATMs, and digital banking channels.
On 23 July 2026, the bank was announced to have adopted a new core banking platform on to support its digital transformation and update operations across conventional and Islamic banking.
The move is intended to replace legacy constraints with a more flexible core that can support faster product delivery, greater automation, and more consistent service handling across channels.
Until now, the bank’s challenges have been operational as much as technological: it needs a platform that could support product innovation while also improving straight-through processing and day-to-day efficiency. It also needed to maintain separate conventional and Islamic banking services within a modernized architecture:
- An open and flexible core banking architecture to support future product changes
- Intelligent automation to reduce manual processing and improve operational efficiency
- Straight-through processing to streamline service execution
- A platform capable of supporting both conventional and Islamic banking operations
- Tools to help relationship managers respond more quickly to customer needs
The bank’s CEO and Managing Director, Mohamed Shareef, said: “Our strategy is anchored in continuous innovation and delivering lasting value to the customers and communities we serve,” and the move to the new banking platform “represents a pivotal step in our digital transformation journey providing the agile, future-ready foundation we need to accelerate innovation, drive operational excellence, and expand our ability to deliver world-class financial services to customers nationwide.”
Siobhan Byron, Executive Vice President (Universal Banking), Finastra, the vendor selected for the bank’s digital transformation, said: “Bank of Maldives is a cornerstone institution in the country’s financial sector, and we are delighted to support its modernization journey.”
