PANews reported on May 5 that the Maldivian government signed an agreement on May 4 with MBS Global Investments, a family office based in Dubai, to invest $9 billion to jointly develop a large cryptocurrency and blockchain center in the capital, Male.
This move aims to attract foreign direct investment into the blockchain and Web3 technology sectors, helping the Maldives to reduce its economic dependence on tourism and fishing, achieve revenue diversification, and alleviate national debt. The project plans to build a facility named 'Maldives International Financial Center', covering approximately 830,000 square meters, expected to take five years to complete, and provide about 16,000 jobs.
It is noteworthy that the project's investment of up to $9 billion exceeds the Maldives' annual gross domestic product (GDP) of about $7 billion. At the same time, the Maldives' ambition to become a global fintech hub will also face fierce competition from established international financial centers such as Dubai, Singapore, and Hong Kong.