Banking & Financial Institutions
The financial hub provides an ideal platform for corporate and commercial banks to meet the evolving needs of businesses across the region. Positioned at the crossroads of key emerging markets, the hub enables institutions to serve a growing client base—including corporates, state-owned enterprises, family offices, and regional conglomerates—seeking tailored financing, treasury, and trade solutions.
Banks operating within the jurisdiction can offer a full range of commercial and wholesale banking services, including working capital finance, cash management, project and infrastructure funding, trade and export finance, and structured lending. The presence of a clear, cost-effective regulatory regime overseen by the MIFSA ensures a secure environment for operational banking activities while supporting scalable, efficient business models.
The financial hub offers a well-regulated and strategically located platform for regional and international investment banks to deliver high-impact financial solutions across advisory, capital markets, and structured finance. Under the supervision of the MIFSA, institutions benefit from a transparent legal and regulatory framework that enables them to operate with confidence and efficiency. Investment banks licensed within the hub can provide services such as mergers and acquisitions advisory, debt and equity capital raising, and strategic financial planning. With increasing demand from corporates, sovereign entities, and private enterprises across the Middle East, Africa, and South Asia, the hub serves as a natural base for institutions seeking to support transformational deals and cross-border expansion.
Private banks have an exclusive platform within the hub to serve high-net-worth individuals (HNWIs), ultra-high-net-worth individuals (UHNWIs), and family offices with bespoke financial solutions. Institutions can offer a broad suite of services, including discretionary portfolio management, tailored lending, trust and estate planning, and multi-currency account solutions. The jurisdiction’s legal clarity and business-friendly environment make it an attractive destination for clients seeking to preserve and grow wealth across generations.
Islamic banking operates in strict adherence to Shariah principles, offering financial services that align with ethical and religious guidelines. The hub creates a robust environment for Islamic financial institutions to offer products such as Murabaha (cost-plus financing), Mudarabah (profit-sharing agreements), Musharakah (joint venture financing), and Ijara (leasing). With a comprehensive regulatory framework ensuring full compliance with Shariah law, the hub supports the growth of Islamic banking services across retail, corporate, and investment banking, enabling institutions to foster both regional and international partnerships and meet the increasing demand for ethical, faith-based financial solutions.
Digital banks can establish and operate fully licensed, branchless banking models within the hub, benefiting from a clear and modern regulatory framework. Institutions can build and scale digital-first platforms with the flexibility to leverage technology at every layer of the banking stack—from core infrastructure to customer engagement. The hub supports the full lifecycle of digital banking operations, offering an ecosystem conducive to innovation while maintaining high standards of governance and compliance.
The MIFC welcomes a diverse range of other financial institutions, including those that are innovative and emerging within the financial services landscape. This category is designed to accommodate institutions such as payment service providers, microfinance institutions, credit rating agencies, custodians, leasing service providers, and other entities that support the broader financial ecosystem. With its flexible regulatory framework and forward-thinking approach, the hub fosters an environment where new models and technologies can thrive.
Application Process
Setting up a financial services business in the hub is designed to be efficient, transparent, and supportive of innovation. From initial inquiry to operational launch, the process ensures that businesses are aligned with the hub’s commitment to sound governance, market integrity, and long-term growth. As part of this journey, all entities offering regulated financial services will be required to obtain approval from the Maldives International Financial Services Authority (MIFSA), the hub’s dedicated financial regulator. Entities that are either required or that want to have a physical presence, will find a wide range of offices in the Malay MIFC Area to choose from. The MIFC team will advise regarding office requirements on a case by case basis.
01
Make an Enquiry
Reach out to us or submit an expression of interest outlining your proposed business activities.
02
Schedule a Pre-Application Discussion
Connect with the MIFSA team to receive initial guidance and align on regulatory expectations.
03
Submit Your Application
Complete the application form and upload the required documents through our secure portal.
04
Regulatory Review
MIFSA evaluates your submission, including governance, ownership, internal systems, and compliance readiness.
05
Receive In-Principal Approval
If all requirements are met, you'll be granted conditional approval to proceed with set-up.
06
Complete Your Set-Up
Finalize office registration, onboard your team, and establish operational infrastructure.
07
Get Licensed & Go Live
Once all conditions are satisfied, receive your operational license and commence business activities.