The Maldives Monetary Authority (MMA) has granted an operating licence to Dhiraagu’s subsidiary, Dhiraagu Fintech Private Limited, enabling the company to provide payment services required for electronic money issuing services.
The licence, issued under the National Payment System Act, marks a significant step forward in the country’s fintech sector. According to the MMA, this new development will see Dhiraagu transfer its existing electronic money issuance services to its newly licensed subsidiary, Dhiraagu Fintech.
Currently, Dhiraagu offers digital wallet services under the brand name Dhiraagu Pay. This service allows customers to perform a variety of transactions, including paying for goods and services, depositing money, and transferring funds between individuals, regardless of their mobile network or device.
The licensing of Dhiraagu Fintech is expected to enhance the company’s ability to innovate and expand its digital payment solutions, further contributing to the growth of the fintech industry in the Maldives.
