MSE and MSD unveil five-year plan to strengthen Maldives’ capital market

Maldives’ capital market institutions, the Maldives Stock Exchange (MSE) and the Maldives Securities Depository (MSD), have announced a joint strategic plan for 2026-2030 aimed at strengthening the country’s market infrastructure and expanding opportunities for businesses and investors.

MSE operates the country’s stock market, while MSD manages the central depository and settlement systems for listed securities. Together, they form the backbone of the capital market.

A key focus of the plan is to make it easier for Maldivian businesses, especially SMEs, to raise funds through instruments such as shares, corporate bonds and sukuk. MSE will introduce “issuer-readiness” programmes to help companies improve governance and financial reporting so they can qualify for listing. The exchange also plans to launch the Viyana MSME Growth Board to support smaller enterprises.

Tourism, a sector with limited participation in the domestic market, has been identified as a priority area. MSE aims to secure an anchor tourism listing by 2027, opening the door for tourism companies to raise long-term capital and attract international investors.

The plan also highlights the need to strengthen the market for government and corporate debt. Treasury bills, bonds and Islamic instruments are already issued in Maldives, and listing them on a regulated market would make investment access easier for the public. Listing rules for debt securities will be updated to support this.

Long-term investors such as pension funds and insurance companies are expected to play a larger role in financing development projects. The plan includes promoting green, blue and sustainability-related securities, with a target for at least 25 percent of listed instruments to be sustainability-linked by 2030.

MSE and MSD say trust remains the foundation of the market. Over the past 18 years, the institutions have built systems that ensure accurate ownership records, organised settlement and secure operations. The new strategy includes further strengthening governance, cybersecurity, market surveillance and investor protection.

MSD has begun internal testing of a new central securities depository system designed to modernise post-trade processes and reduce manual work. Integration with settlement banks and trading systems is also planned.

If the strategy is successful, more Maldivian businesses will gain access to long-term capital, and investors will benefit from a wider range of regulated, transparent investment opportunities.