The Ministry of Economic Development and Trade has partnered with the Bank of Maldives Plc to facilitate a simplified process to verify data when businesses set up accounts. The agreement involves using the Business Registry’s Commercial Application Programming Interface (API), a technology that allows banks to easily verify information. 

Previously, businesses had to provide physical documents to banks to open accounts or access other services. This process was often cumbersome, as some banks required a newly issued profile sheet from the Ministry. To address this, the Ministry first made these profile sheets available online through the business portal. Now, with the Commercial API, banks can directly verify information when customers provide a code from the business portal. 

Commercial API service will allow partnering banks to open accounts and verify information much more quickly. The Bank of Maldives Plc is the second bank to sign the agreement with the intention to adopt this technology.