Maldivian President to Introduce India’s UPI System
Maldivian President Mohamed Muizzu has announced plans to implement India’s Unified Payment Interface (UPI) in the Maldives, a decision anticipated to significantly benefit the nation’s economy.
The introduction of UPI is expected to enhance financial inclusion, improve transaction efficiency, and bolster digital infrastructure, according to a statement from the President’s Office on Sunday.
This decision followed a comprehensive discussion by the Cabinet regarding a proposal from the Minister of Economic Development and Trade. As part of this initiative, President Muizzu plans to establish a consortium that will include banks, telecom companies, state-owned enterprises, and fintech firms operating in the Maldives. TradeNet Maldives Corporation Limited will lead this consortium.
Additionally, an inter-agency coordination team will be formed, consisting of representatives from the Ministry of Finance, Ministry of Homeland Security and Technology, and the Maldives Monetary Authority, to oversee the UPI implementation.
In August, Maldives and India signed a memorandum of understanding during External Affairs Minister S. Jaishankar’s visit to implement UPI in the island nation. The financial system, managed by the National Payments Corporation of India, is already in operation in various international locations, including the UAE, Sri Lanka, France, Malaysia, Singapore, Nepal, the UK, and Mauritius.
