BML Opens Payment Gateway for SMEs to Receive Dollar Payments

Bank of Maldives (BML) has announced that it will open the opportunity to apply for its payment gateway service today, enabling small and medium-sized businesses to receive funds in dollars. The bank stated that with this service, arrangements will be made for local product manufacturers and small businesses selling goods and services in the international market to receive funds in dollars from any country or place in the world. Furthermore, the bank said that using a US debit card issued to the account where these received dollars are deposited, payments can be made without any difficulty for various types of subscriptions and other international transactions. BML stated that the opportunity to apply for this service will be opened at a specific time today through the Business Centre Corporation (BCC) portal. Upon receiving a referral through BCC, the bank will contact the respective business and proceed with obtaining necessary documentation and registration processes. Once these processes are completed, the bank will link the customer's account with the payment gateway. This is an initiative being carried out in collaboration with the Ministry of Economic Development, Transport and Trade and BCC. The main objective of this service is to facilitate access to foreign currency from overseas customers for small and medium-sized businesses that provide goods and services to international markets.