The President of Maldives, Mohammad Muizu, has decided to take necessary steps to implement India’s Unified Payment Interface (UPI) in Maldives.
The move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions and improved digital infrastructure, the President’s Office said in a statement on Sunday.
The decision was taken after the Cabinet had an in-depth discussion on the paper presented by the Minister of Economic Development and Commerce in the Cabinet meeting to ensure a comprehensive understanding of the matter.
“In this regard President Dr Muizu has decided to set up a consortium to introduce UPI in Maldives,” the statement added.
Muizu suggested that banks, telecom companies, state-owned companies and fintech companies operating in the country should be included in the consortium. He appointed Tradenet Maldives Corporation Limited as the lead agency of the consortium.
“He also decided to form an inter-agency coordination team of the Ministry of Finance, Ministry of Homeland Security and Technology and Maldives Monetary Authority to lead the Ministry of Economic Development and Trade to oversee the establishment of UPI in Maldives.” The President’s Office said.
