Maldives Monetary Authority (MMA) has signed a contract with Finnish company Tieto Latvia SIA, subsidiary of TietoEVRY, to implement an instant payment system in the Maldives.
The implementation contract was signed under the Maldives Payment System Development Project of MMA. MMA stated that this was a major national-level initiative to transform the payment landscape of the country.
Following successful implementation, the system would enable users to send and receive payments in real-time, regardless of the island they reside in or the bank they are with. The system would also facilitate the introduction of innovative payment solutions to the market by payment service providers, connected by a single platform.
Speaking at the contract signing ceremony, MMA Governor Ali Hashim said that this was a significant stepping stone for the Maldivian economy as a whole, to capitalize on the developments in financial technology taking place around the world.
It was further added that the system would be scalable and easy to configure. Based on micro-services architecture, it would allow freedom to independently develop and deploy new services.
Ilkka Korkiakoski, Head of Payments of TietoEVRY also spoke at the ceremony, stating that this payment infrastructure would promote innovation and improve financial inclusion in the market.
The system is expected to go live for domestic transactions by the last quarter of 2021.