As the fintech industry transitions from a phase of rapid expansion into one focused on sustainable growth and collaboration, there are pressing lessons for Maldivian policymakers and business leaders seeking to strengthen the country’s financial infrastructure and unlock opportunities in digital finance.
The World Economic Forum’s second edition of The Future of Global Fintech offers insight into how fintechs globally are weathering economic uncertainty, adopting artificial intelligence, building strategic partnerships, and extending financial services to underserved populations. The Maldives, still at a nascent stage of its fintech evolution, can draw critical lessons from these developments.
Sustainable Growth over Disruption
Global fintechs are now prioritising revenue stability and operational efficiency over breakneck user growth. Between 2022 and 2023, fintech revenue grew by 40 percent while profits rose by 39 percent, despite a slowdown in customer acquisition. This shift reflects a maturing market where success is measured not by hype or user numbers but by financial performance and inclusion.
For the Maldives, where digital finance adoption remains uneven, the focus must be on building trusted, long-term value propositions rather than chasing short-term metrics. This means encouraging fintechs that offer genuine financial access and solutions for micro, small, and medium enterprises (MSMEs), low-income households, and women. Globally, these segments now account for a substantial share of fintech revenue.
AI and the Productivity Revolution
Globally, 80 percent of fintechs are using or planning to use artificial intelligence in at least one business function, with applications spanning customer service, fraud detection, and process automation. These investments are paying off: 74 percent of fintechs report improved profitability and 83 percent say customer experience has improved.
For the Maldives, this illustrates the need to upskill the financial services workforce, ensure regulators understand AI applications, and promote safe AI use. The country’s banks and fintechs should consider AI not as a future ambition, but a current business imperative with room for responsible experimentation, particularly in enhancing service delivery and reducing operational costs.
Financial Inclusion Can Be Profitable
One of the most striking findings in the report is that fintechs are proving that financial inclusion is not just a social mission. It is good business. In emerging economies, over 50 percent of fintechs’ customer base and revenue now comes from low-income, rural, and underserved groups.
Maldivian fintechs must seize this opportunity. With a decentralised island geography and limited branch networks, digital solutions can bridge access gaps, particularly for atoll communities, women, and informal workers. Policy should support this through grants, tax incentives, and sandbox environments for inclusive fintech products.
Partnerships Matter More Than Disruption
Rather than competing head-to-head, most fintechs are collaborating with traditional banks. API integration, co-branded services, and joint ventures are now standard. These partnerships not only provide technology access but also help fintechs gain credibility, funding, and customers.
Maldivian regulators and banking institutions should create an enabling environment for such partnerships, with clear rules on data sharing, customer protection, and operational responsibility. A local open banking framework could be a game-changer, allowing controlled data access and driving innovation.
Digital Infrastructure Must Be a National Priority
Across regions, fintechs identified integrated e-KYC systems, real-time payment platforms, and robust cross-border data frameworks as essential enablers of growth. These fall under the umbrella of Digital Public Infrastructure (DPI), foundational systems that underpin safe, inclusive, and scalable digital economies.
In the Maldives, the government’s Maldives 2.0 initiative presents an important step in this direction. Aimed at modernising the state’s digital services and integrating them through a unified platform, the initiative signals a commitment to improving public service delivery and fostering digital readiness. However, to fully realise fintech’s potential, Maldives 2.0 must be aligned with financial sector needs. This includes developing a national e-KYC system linked to digital identity and credit data, building interoperable payment infrastructure, and enabling secure data-sharing frameworks. Such systems would lower entry barriers for startups, improve regulatory oversight, and position the Maldives to benefit from regional fintech expansion.
Regulatory Readiness Is Key
Most fintechs view regulatory environments favourably when there is clarity, consistency, and coordination. However, firms still struggle with capacity gaps in financial authorities, particularly licensing, digital supervision, and understanding new technologies.
Maldives’ regulators must proactively build expertise in fintech-specific domains. Considerations could include establishing a dedicated fintech unit within the central bank, if they don’t already have one, introducing tiered licensing, and engaging industry stakeholders in a structured manner.
Turning Insight into Action
As global fintech moves into a more cooperative, inclusive, and AI-driven phase, the Maldives has a chance to define its own path. That path must be guided by evidence, shaped by partnerships, and anchored in digital infrastructure.
For policymakers, the imperative is to design forward-looking regulation, support inclusion, and invest in national infrastructure. For business leaders, the call is to focus on real problems and build sustainable, scalable solutions.
The lesson from the global fintech landscape is clear: inclusion and innovation are not mutually exclusive. They are intertwined.
