BML Gateway to enable SME dollar transactions without difficulty, says Economic Ministry

In line with President Dr. Mohamed Muizzu's promise, the Ministry of Economic Development has announced that small and medium enterprises (SMEs) will now be able to conduct foreign transactions without difficulty, as US dollars can be received via the BML Gateway. In a press release issued by the ministry regarding the commencement of dollar payments through the BML Gateway, the launch of the service was described as a historic and significant step for the development of Maldivian businesses. The ministry assured that businesses will be able to easily pay for subscriptions required for business growth, as well as carry out other foreign transactions, without hindrance, through the US dollar debit card issued to the account where the received dollars are deposited. The release highlighted that this will provide a strong boost for establishing a firm foothold in the international digital economy within the field of Maldivian production. The ministry emphasized that the main objective of this service is to establish a convenient channel for SMEs engaged in providing goods and services to international markets to directly receive the foreign currency they require. Yesterday, the opportunity to apply for the BML payment gateway service, which allows small and medium-sized businesses to receive funds in dollars, was opened. BML announced that applications are available via the Business Centre Corporation (BCC) portal. Upon receiving a referral through BCC, the bank will contact the business to obtain the necessary documentation and carry out registration processes. Once these processes are completed, the customer's account will be linked to the payment gateway.