President Dr. Mohamed Muizzu has announced plans to implement India’s Unified Payment Interface (UPI) in the Maldives, following a recommendation from the Cabinet.
This initiative aims to bolster the Maldivian economy by promoting financial inclusion, improving transaction efficiency, and enhancing the country’s digital infrastructure.
The decision was made after a thorough review of a proposal presented by the Minister of Economic Development and Trade during a recent Cabinet meeting. This comprehensive discussion underscored the potential benefits of integrating UPI into the Maldives’ financial system.
To facilitate this implementation, President Muizzu has proposed the formation of a consortium that will oversee the introduction of UPI. He emphasized the importance of collaboration among various stakeholders, including banks, telecom companies, state-owned enterprises, and fintech firms operating in the Maldives.
In a strategic move, the President appointed TradeNet Maldives Corporation Limited, a well-regarded agency with expertise in digital solutions, as the leading agency for the consortium. This appointment aims to leverage the agency’s experience in establishing robust financial systems.
Additionally, President Muizzu has established an inter-agency coordination team that will include representatives from the Ministry of Finance, the Ministry of Homeland Security and Technology, and the Maldives Monetary Authority. This team will work closely with the Ministry of Economic Development and Trade to ensure the successful rollout of UPI in the Maldives.
The introduction of UPI is expected to transform the financial landscape in the Maldives, making transactions more accessible and efficient for citizens and businesses alike.
This initiative aims to bolster the Maldivian economy by promoting financial inclusion, improving transaction efficiency, and enhancing the country’s digital infrastructure.
The decision was made after a thorough review of a proposal presented by the Minister of Economic Development and Trade during a recent Cabinet meeting. This comprehensive discussion underscored the potential benefits of integrating UPI into the Maldives’ financial system.
To facilitate this implementation, President Muizzu has proposed the formation of a consortium that will oversee the introduction of UPI. He emphasized the importance of collaboration among various stakeholders, including banks, telecom companies, state-owned enterprises, and fintech firms operating in the Maldives.
In a strategic move, the President appointed TradeNet Maldives Corporation Limited, a well-regarded agency with expertise in digital solutions, as the leading agency for the consortium. This appointment aims to leverage the agency’s experience in establishing robust financial systems.
Additionally, President Muizzu has established an inter-agency coordination team that will include representatives from the Ministry of Finance, the Ministry of Homeland Security and Technology, and the Maldives Monetary Authority. This team will work closely with the Ministry of Economic Development and Trade to ensure the successful rollout of UPI in the Maldives.
The introduction of UPI is expected to transform the financial landscape in the Maldives, making transactions more accessible and efficient for citizens and businesses alike.
