Government-owned State Trading Organization (STO) has requested a digital banking license from the Maldives Monetary Authority (MMA).

According to STO, the company applied for a banking license on Tuesday. Director of STO Hussain Amr said the licensing procedure is estimated to take three months. According to him, the STO bank's banking service will be totally digital, with activities such as account opening taking no more than five minutes and requiring no interaction with a STO staff member.

Amr went on to say that the bank can deliver timely financial services, adding that activities such as loan application processing and depositing will take only 60 seconds to process. Account management is the responsibility of each individual user, Amr said.

In addition to acquiring a banking license, Amr said the company must be registered with the Economic Ministry before it can begin operations. According to Amr, the bank should be up and running within six months, or perhaps next year.