The Bank of Maldives enabled authenticator apps to generate One Time Passwords (OTPs) for all transactions processed via its Internet and Mobile Banking services.
“Email accounts are often compromised in scam cases and as a result, OTPs sent to emails are accessed by scammers to make unauthorised transactions from customer accounts,” explained BML CEO Karl Stumke. “With the introduction of authenticator apps, our customers now have an additional layer of security in their banking transactions, even if an email account has been comprised. Scams evolve over time and while we will continue our efforts to protect our customers, we urge everyone to be aware of scam tactics and never share personal information with anyone.”
The bank also started sending real-time notifications for all account-related transactions.
The government invited expressions of interest or proposals to develop a residential city in the Giraavaru lagoon near Malé. The minimum financing requirement was set at US$5 million under a cross-subsidisation model, which offers an island, lagoon or land for the investor to develop a tourist resort or hotel.
The current administration has pledged 2,000 plots of land for native residents of Malé after land reclamation in Giraavaru.
Economic Development Minister Fayyaz Ismail inaugurated the Housing Development Corporation’s Thilafushi Master Plan at the Living Expo in Malé.
The government plans to relocate the Malé port and develop Thilafushi as an “industrial hub” connected to the capital via the Thilamalé bridge. More than 150 hectares are to be reclaimed to expand the island and lease land for industrial use, including cement packing, gas bottling, boat manufacturing and large-scale warehousing.
The artificial island was used since 1997 as a landfill for burning waste. Open burning ceased last year as part of a multi-donor project that includes a waste-to-energy treatment plant.
The SME Hub, a “first-of-its-kind, shopping mall for local businesses,” opened in Malé’s commercial district.
An initiative of the economic development ministry’s Business Centre Corporation, the three-storey facility was developed at the Allied building in Chaandhanee Magu with space dedicated for florists, plant sellers, bookstores and food and beverage vendors.
A China-Maldives ‘Business Forum on Joint Construction of the Belt & Road’ was held to mark the 50th anniversary of diplomatic relations between the countries.
Customs collected MVR359 million (US$23 million) as revenue in November, up 11% from the same period last year as imports grew by 15%. But exports declined by 5% last month.
The Housing Development Corporation signed a Memorandum of Understanding with Huawei Sri Lanka to collaborate on the development of Hulhumalé.
“Under this MOU, Huawei will be contributing their technical expertise to design and implement smart city solutions,” according to HDC.
On Tuesday, HDC was granted a ‘Telecommunication Infrastructure License’ by the Communication Authority of Maldives.
Supermarket chain Red Wave acquired two retail outlets of rival franchise Agora. Red Wave is reported to have purchased the leases of Agora stores on Majeedhee Magu and Sosun Magu in Malé, leaving the Chaandhanee Magu shop as the only Agora outlet.
