/ Republic of Maldives

Bancstac supports strategic bank partners in Maldives by enhancing their payment capabilities across the nation’s 26 atolls. We make it easy and cost effective for businesses to accept payments globally.

Overview

Maldives is an archipelago country located in South Asia, situated in the Indian Ocean southwest of India and Sri Lanka. It consists of 1,192 coral islands grouped into 26 natural atolls, spanning a maritime area of approximately 90,000 square kilometers, though its total land area is only c.298 square kilometers. The country has an estimated population of 531,517 as of February 2026. Maldives is a unitary presidential republic, administratively divided into 20 atolls and the capital city of Malé.

In 2025, the GDP reached approximately US$7.68 billion, and per capita GDP was US$18,684, the highest in South Asia. The Maldivian economy is heavily dominated by the service sector, which accounts for c.76% of its GDP. Within this, the tourism industry is the primary driver, directly and indirectly contributing over two-thirds of the national income. Private consumption and government infrastructure projects, such as the expansion of Velana International Airport, are key drivers of economic growth. The country’s economy is deeply integrated into global markets, particularly for luxury travel and seafood. Its largest trading partners are the United Arab Emirates, China, India, Thailand, and Singapore. Maldives predominantly produces and exports fish and fish-based products, with the fisheries sector being the second-largest industry. The digital services sector and renewable energy initiatives are also expected to be significant future growth drivers. Additionally, the tourism sector achieved a historic milestone in 2025, with record travel receipts exceeding US$5.4 billion. The industrial sector represents c.18% of GDP and employs a significant portion of the urban workforce, while agriculture and fishing account for c.4%. However, challenges remain regarding high public debt, which reached c.126.9% of GDP in early 2025, and high vulnerability to climate change and rising sea levels. Imports of refined petroleum, food products, and construction materials are among the highest in the country, with top import partners being China, India, and the UAE.

Maldives has a rich history as a sultanate that lasted for over 800 years before becoming a British protectorate in 1887. The country gained full independence in 1965 and transitioned to a republic in 1968. Despite the severe economic impact of the COVID-19 pandemic and subsequent fiscal vulnerabilities, Maldives has maintained its status as a premier global tourism destination while actively advocating for climate resilience on the international stage.

Strategic bank partners

Bancstac is a core technology partner to banks which further enhances their integrated payment gateway capabilities. If your business wants to accept payments from Visa, Mastercard, UnionPay International please contact your Hatton National Bank or Commercial Bank of Maldives representative for details.

Sovereign global banking infrastructure for regulated financial institutions