In a dynamic event held at Central Park in Hulhumale’, Maldives Islamic Bank (MIB) introduced a range of advanced banking services designed to bring a fresh approach to banking in the Maldives. The unveiling included digital innovations and youth-focused products that aim to make banking more accessible, efficient, and educational.
Faisaa Mobile X: Upgraded Digital Experience
The launch of MIB’s Faisaa Mobile X app marks a significant enhancement of its digital banking services. Building on the bank’s existing Faisaa Mobile, Faisaa Mobile X consolidates all online banking features, enabling customers to manage personal, business, and youth accounts from one platform. Users can log in via Faisaa Net ID or the national EFAAS ID, with added biometric capabilities allowing face recognition for secure access.
The app’s “Quick Transfer” function simplifies fund transfers between accounts and offers customizable quick actions on the home screen. This upgraded app, tailored for user convenience, promises to evolve continuously with new features to meet customer needs. As a 100% locally developed product, Faisaa Mobile X also brings the Maldives closer to a self-sufficient digital economy.
Binga Account: Banking for Children
Under the new Binga line, MIB has introduced specialized youth accounts to promote financial literacy and long-term savings habits among children. These offerings include:
- Binga TRX: For children over seven, this account aims to instill financial responsibility, providing a structured way for parents to manage allowances for their children’s daily expenses.
- Foundation Savings: Aimed at helping children achieve short-term savings goals, this account encourages young users to save for gifts or other personal objectives.
- Binga Invest: Designed for long-term financial planning, this account allows parents to save for their children’s future education or major expenses. Accessible once the child reaches 18, it supports forward-thinking financial planning from a young age.
Children’s accounts come with online banking options and debit card access, along with incentives such as rewards and vouchers to promote a habit of saving.
Faisaa Wear: A New Payment Solution
MIB’s introduction of the Faisaa Wear ring offers a stylish and seamless payment method, debuting as the first of its kind in the Maldives. This waterproof and durable ring incorporates advanced tap-to-pay technology, allowing users to make purchases with a simple gesture. Available in a range of designs, the ring provides MIB customers with a wearable, cash-free solution for everyday transactions wherever MIB cards are accepted.
MIB’s Commitment to Innovation
MIB’s event concluded with an engaging light show and fireworks display, signaling a bright new chapter for banking in the Maldives. This array of new offerings reflects MIB’s commitment to adapting cutting-edge technology and creating inclusive products for the country’s diverse population.
