Parliament of the Maldives has passed the bill on establishing the national payment system.
The bill on establishing the national payment system aims to strengthen the system of financial transactions conducted locally and internationally. The bill was passed by the Parliament with votes from 56 parliamentarians.
Speaking at the Parliamentary Committee on Public Accounts regarding the bill, Governor of Maldives Monetary Authority (MMA) Ali Hashim said the new system aims to modernise and strengthen the structure for financial transactions in the Maldives. As such, the governor noted the system will provide better convenience in international transactions and allow small and medium enterprises (SMEs) to provide better and cheaper modes of payment. He added the new system will help to increase investments in the Maldives and strengthen the competition among businesses.
The governor said such a system is urgently needed, highlighting the increasing number of online transactions due to the COVID-19 pandemic. Noting the system has already been tested in another country, the governor said a team of technical experts will analyse the financial sector of the Maldives for three months and adjust the system in accordance to the requirements of the country. He had expressed hope the system will be fully implemented and in use by October this year.