Bank of Maldives (BML) has opened applications for its payment gateway service for micro, small and medium-sized enterprises (MSMEs), enabling local businesses to receive payments in US dollars from customers worldwide.

The service aims to help Maldivian businesses and producers selling goods and services internationally collect foreign currency payments more easily.

BML said businesses can use the USD debit card linked to their payment account to pay for subscriptions and other international transactions.

Applications will be accepted through the Business Centre Corporation (BCC) portal. Following a referral from BCC, BML will contact businesses to collect the required documents and complete registration.

Once the process is completed, customers’ accounts will be linked to the payment gateway.

The initiative is being carried out in collaboration with the Ministry of Economic Development and BCC to improve access to international markets for local businesses.