BML to modernize core banking system with Finastra’s assistance

Bank of Maldives (BML) has selected Finastra Essence by Finastra, a global provider of financial services software, to modernize its core banking operations as part of the bank's long-term digital transformation strategy.

The agreement is expected to accelerate product innovation, improve operational efficiency, and enhance customer banking experiences across both conventional and Islamic banking services.

Through the implementation of Finastra Essence, the BML will benefit from a modern, open, and flexible core banking platform designed to support faster product development, greater operational automation, seamless service delivery, straight-through processing, enhanced capabilities for relationship managers to meet evolving customer needs, and the continued delivery of both conventional and Islamic banking products.

Mohamed Shareef, BML’s CEO and Managing Director, noted that BML’s strategy is anchored in continuous innovation and delivering lasting value to the customers and communities it serves.

"Our partnership with Finastra Essence 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,” he explained.

"Bank of Maldives is a cornerstone institution in the country's financial sector, and we are delighted to support its modernization journey," said Siobhan Byron, Executive Vice President of Universal Banking at Finastra.

"The selection of Finastra Essence reflects the strength of our open, flexible core banking platform and our ability to help financial institutions innovate at pace, while maintaining resilience and operational excellence. We look forward to helping the bank achieve its ambitious growth and transformation objectives,” he added.

According to Finastra, the Bank of Maldives selected Finastra Essence based on its advanced functionality, modern technology, the flexibility of its open platform, Finastra's implementation capabilities, strong market reputation, and proactive engagement throughout the evaluation process.

Finastra provides mission-critical software used by thousands of financial institutions in more than 100 countries, including many of the world's leading banks. Its technology supports financial institutions in facilitating payments, lending, and other essential financial services relied upon by businesses and consumers. Backed by Vista Equity Partners, the company combines financial services expertise with secure, scalable technology to help institutions modernise operations, accelerate innovation, and support business growth in an evolving financial landscape.

Established in 1982, BML is the country's largest bank by assets and branch network, serving more than 390,000 customers through an extensive network of branches, self-service banking centres, ATMs, and digital banking channels. The bank plays a key role in supporting the country's economic development, with a strategic focus on digital banking, customer service excellence, and sustainability. It aims to be a trusted partner for its customers while contributing to community development and creating long-term value for its shareholders.