Bank of Maldives’ Chief Executive Officer (CEO) Mohamed Shareef has said the next five-year focus will be on making payments easier, faster, and more automated in the Maldives’ financial system.
He made the statement while speaking at a panel discussion at the Maldives Financial Expo.
During the discussion, the CEO highlighted a future where payments become so automated and integrated into daily life that transactions are invisible. He gave the example of a tourist booking a holiday, where payments are instantly and automatically distributed to service providers such as resorts, seaplanes, and speedboats, regardless of the bank used. This would be enabled through connected payment systems using APIs, he said.
The CEO further said digital identity and biometrics will make payments more secure, easier to use, and more inclusive. He added that artificial intelligence (AI) will transform payments into smarter financial services, including helping SMEs access working capital faster, providing financial advice and detecting fraud.
Shareef also mentioned the rise of “agentic commerce”, where AI agents can automatically carry out purchases and transactions on behalf of users or businesses. These developments will bring significant changes to challenges in tourism, businesses, and international money transfer.
Shareef also stressed that the biggest priority should be human resource development, including upskilling workers, strengthening cybersecurity, improving collaboration between banks, regulators, fintech firms, and educational institutions.