Maldives Monetary Authority (MMA) has issued a licence to Dhiraagu Fintech Private Limited to provide Dhiraagu Pay services. The licence was presented by MMA' s Governor Ahmed Munawwar to Managing Director of Dhiraagu Ismail Rasheed. Ismail Rasheed also serves as a Board member of Dhiraagu Fintech.
MMA issued the licence to Dhiraagu under the National Payment System Act. According to the act, payment services can be provided by companies specialised in providing the services. With the issuance of the licence, the existing electronic money issuance services provided by Dhiraagu will be transferred to Dhiraagu Fintech.
Dhiraagu Fintech is a subsidiary company established under Dhiraagu, aiming to provide digital payment solutions and electronic financial services. The services will enable trade, the deposit of funds into an electronic wallet, and the payment of certain government services.