President Dr. Mohamed Muizzu introduced the “Maldives International Financial Services Authority” on Sunday, a new government entity with the goal of boosting the country’s financial services sector.
Established under the authority granted to the President by Article 116 of the Constitution of the Republic of Maldives, the entity falls under the Ministry of Economic Development and Trade.
This new financial services authority is expected to play a vital role in developing both onshore and offshore financial services. The initiative aligns with the goals outlined in the Special Economic Zones Act, focusing on creating legal frameworks for onshore financing services. The establishment of this authority is a strategic move towards diversifying and strengthening the nation’s financial capabilities.
In accordance with the directive, all official communications to the Maldives International Financial Services Authority should use the reference number 498, following the standard numbering system for state agencies. This is aimed at improving efficiency in communication.
The President’s Office issued a formal announcement providing more details about the objectives and functions of the new authority. These details reveal a comprehensive plan to set up offshore and onshore development banks, international financial centers, and conduct research to address legal and administrative challenges. The research will focus on creating a competitive system to advance financial markets in the Maldives.
