President Dr. Mohamed Muizzu, has decided to take steps to introduce India’s Unified Payment Interface (UPI) in the Maldives.
This initiative aims to enhance the Maldivian economy by promoting financial inclusion, improving transaction efficiency, and strengthening digital infrastructure. The decision came after a thorough discussion of a proposal from the Minister of Economic Development and Trade during a Cabinet meeting.
To facilitate this, President Muizzu plans to establish a consortium that includes banks, telecom companies, state-owned enterprises, and fintech firms operating in the country. He appointed TradeNet Maldives Corporation Limited, a leading agency with proven expertise, as the consortium's lead agency.
Additionally, an inter-agency coordination team will be formed, comprising the Ministry of Finance, the Ministry of Homeland Security and Technology, and the Maldives Monetary Authority, to oversee the UPI implementation.