Govt signs agreement with MIB to facilitate faster business registration verification

The Economic Ministry has signed an agreement with Maldives Islamic Bank (MIB) to facilitate a faster and more efficient business registration verification process.

The agreement, described by the Economic Ministry as a “landmark” one, was signed by Registrar of Companies Mariyam Visam and MIB’s Deputy CEO Ahmed Riza on Thursday.

According to the Economic Ministry, the agreement centers on the Boli API, a new technological integration that promises to transform the customer onboarding experience for businesses.

By eliminating bureaucratic processes, the Boli commercial API streamlines the integration of digital services, fostering a more agile and responsive customer service framework.

"The Boli API is designed to significantly reduce the time businesses spend verifying their registration data and identity," said Visam. "Financial institutions, for example, conduct thousands of these verifications daily. Our API will not only expedite data verification but also help authenticate businesses for service providers."

Benefits of the Boli API:

• Faster business onboarding process
• Reduced bureaucracy
• Improved customer service experience
• Enhanced data security and privacy

The Economic Ministry hailed it as a first-of-its-kind arrangement for them, enabling data sharing while ensuring data privacy.