Maldives Monetary Authority (MMA) on March 17 2022, issued payment providers’ licence to four additional parties under the National Payment System Act.
The four parties are:
- VTT Finance Pvt. Ltd.
- Global Payments Asia-Pacific Maldives Pvt. Ltd.
- Payer Pvt. Ltd.
- FahiPay Pvt. Ltd.
VTT Finance and Global Payments Asia-Pacific Maldives were issued the licence to provide payment acquire service, while Payer and FahiPay were issued the licence to issue electronic money.
National Payment System Act was passed and enacted last year. Subsequently, MMA, in December, opened applications for payment system operators to register with them.