Bank of Maldives Picks Finastra Essence for Core Banking Overhaul

Bank of Maldives, founded in 1982, is the country’s largest bank by assets and branch presence, serving more than 390,000 customers through branches, self-service centers, ATMs and digital channels. Modernizing its core infrastructure is significant because the system underpins product development, transaction processing and customer service across the archipelago, including both conventional and Islamic banking products.

Finastra said on July 21, 2026, that BML had selected its next-generation Essence platform as the foundation of the bank’s long-term digital transformation. The implementation is expected to speed the launch of products and services while streamlining operations through greater automation and straight-through processing. The companies did not disclose the contract value, implementation cost or target date for completing the migration.