The Maldives has signed a Memorandum of Understanding (MoU) with NIPI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), to advance the nation's e-commerce sector. The MoU was signed during a ceremony held at the Ministry of Foreign Affairs, marking a significant step in collaboration between the Maldives and India.
The agreement, signed between the Ministry of Economic Development and Trade and NIPL, aligns with the goals outlined in President Dr. Mohamed Muizzu's manifesto, particularly in fostering opportunities in the creator economy, expanding e-commerce, and broadening participation in the financial market.
As part of the agreement, a digital payment system will be developed to offer easy and secure remittance services, promote access to services for the underprivileged, and facilitate economic activities. The agreement also seeks to enhance connectivity with both national and international networks, enabling smoother business transactions. In addition, it will provide training and support to financial service providers in the Maldives to fully leverage emerging financial transactions and e-commerce systems.
The Maldives and India also renewed an MoU between the Civil Service Commission (CSC) and the National Centre for Good Governance of India. The renewed agreement will enable the training of an additional 1,000 civil service employees. The initial MoU, signed in 2019, was aimed at improving the skills and competencies of Maldivian civil service employees.