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Jul 22, 2026PartnershipAPAC

Bank of Maldives Selects Finastra for Core Banking Modernisation

Bank of Maldives (BML), the Maldives' largest bank, selected Finastra Essence as its next-generation core banking platform. The deal, announced on Jul 21, 2026, will support the bank's long-term digital transformation and cover both conventional and Islamic banking products. Finastra Essence is designed to accelerate product launches, automate operations, and enable straight-through processing.

BML CEO Mohamed Shareef described the partnership as a foundation for innovation and operational excellence. Siobhan Byron, EVP of Universal Banking at Finastra, said the platform would help BML innovate while maintaining resilience. BML chose Finastra Essence based on its functionality, open platform flexibility, delivery capabilities, and market reputation.

Financial terms and implementation timelines were not disclosed.

Entities

Bank of MaldivesBank FinastraBaaS Provider

Implications

Illustrates ongoing demand for core banking modernisation among banks in smaller markets seeking digital transformation
Expands Finastra's presence in the South Asian banking technology market

Tags

Accounts APAC B2C Enterprise

Sources

PressPrnewswire — Press Wire
NewsThe Paypers

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