Maldives Monetary Authority (MMA) has issued the Payment Service Providers' Licence to four additional companies.
MMA issued the licenses to VTT Finance Private Limited, Global Payments Asia–Pacific Maldives Private Limited, Payer Private Limited, and Fahipay Private Limited. As such, VTT Finance and Global Payments Asia received the license to provide payment transaction services, while Payer and Fahipay received the license to issue electronic finances.
MMA issued the licenses for payment service providers under the National Payment System Act, which was ratified in May 2021. The act seeks to improve the existing national payment system and govern its operations while also providing ways to establish interoperability among payment systems, clearing systems, installment systems, and relevant bodies that provide similar services. The act confers all powers of overseeing and regulating the national payment system to MMA, which will also be responsible for enforcing the law.
MMA issued the first two licenses for payment service providers to two telecommunications companies, Dhiraagu and Ooredoo Maldives earlier this year.