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Maldives chairs SARFII at AFI Global Policy Forum

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Maldives Monetary Authority (MMA) has been appointed as the Chair of the South Asia Region Financial Inclusion Initiative (SARFII) at the Alliance for Financial Inclusion (AFI) Global Policy Forum.

Eight South Asian financial regulators launched SARFII to accelerate financial inclusion, during the AFI Global Policy Forum, the world’s largest financial inclusion gathering, held in Jordan. MMA is the first Chair of SARFII and Nepal Rastra Bank is the Vice Chair for the term 2022-2024.

Speaking at the AFI Global Policy Forum, Governor of MMA Ali Hashim highlighted the work to be conducted to increase financial inclusion in the South Asian region. He also highlighted the need for South Asian countries to work together to formulate policies and reach milestones.

SARFII aims to boost peer learning, knowledge exchange, information sharing, and regional cooperation among its eight members. AFI’s regional initiatives enhance the network’s ability to support its members working on specific regional priorities, share regional knowledge and translate global financial inclusion issues into practical implementation at the regional and national levels.

At the forum, AFI’s South Asian members identified six key priorities: digital financial services, financing of micro, small and medium (MSME) enterprises, reducing the gender gap in access to finance, inclusive green finance, financial inclusion data, and consumer protection and financial education and literacy.

AFI stated that South Asian members have made important strides over the past decade in accelerating financial inclusion, providing access to finance to over 40% of the region’s population in 2021, up from 23% in 2011. The organisation stated over 150 million people do not have access to finance although the region has been the cradle of innovation, that the gender gap continues to be higher than the global average, and effects of climate change have been adverse.

The South Asian members aim to seize the opportunities amidst these challenges and are taking action through a wide range of policies to accelerate financial inclusion for all and eliminate inequity by addressing the local and unique challenges in the region.

 

Source: psmnews

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Business

MIB signs an agreement to expedite business registration process

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23 hours ago

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04/05/2024

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Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

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MTCC reports staggering 82.9% net profit drop

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4 days ago

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01/05/2024

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Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv

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STO opens showroom in Hulhumale’

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2 weeks ago

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24/04/2024

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State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

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