Governor of Maldives Monetary Authority Mr. Ahmed Naseer inaugurates 18th SAARC Payments Council Meeting

Photo : MMA

Governor of Maldives Monetary Authority Mr. Ahmed Naseer has inaugurated 18th SAARC Payments Council Meeting which is being held at Kurumba Maldives Resort on 13th August 2018.

In his speech the Governor highlighted that, the effective coordination and collaboration in the SAARC region, will immensely assist the member countries to secure solutions through exchange of innovative ideas which target development of payment systems.

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Governor also noted that the cooperation among the SAARC central banks regarding Payment and Settlements has been immensely valuable to Maldives in getting through the initial phases of the development of the payment systems within the country.

“Similar to the developing and developed countries in the world, the Maldivian economy is currently experiencing a rapid development together with modernization initiatives across all sectors. With the increasingly high demand for interconnection both within and across networks of the domestic economy, it has created a vast potential to allow payment solutions to become more automated and integrated. Most importantly we require the appropriate infrastructure expansion to accommodate such developments” Governor mentioned in his speech.

Governor also noted that MMA has embarked on a new payment initiative. The primary objective of this initiative is to ensure that the infrastructure supports innovative and integrated payment solutions that the Maldivian economy needs.

Governor stated that over the past few decades there has been increasing efforts towards establishing common regional platforms to facilitate cross-border transactions. He emphasized that “these efforts have generated several opportunities for innovation and growth in the region. These systems are not only just a mode to facilitate markets and stimulate trade, investment flows, competition and other financial operations among the region”.

Delegations from Bangladesh, Bhutan, India, Nepal, Pakistan, Sri Lanka and Maldives participated in the Council Meeting.

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