Ooredoo's Techfin Maldives has been granted the inward remittance permit required to provide PayPal services in the Maldives.
At a ceremony held at the central bank, Maldives Monetary Authority (MMA), Governor Ahmed Munawwar presented the licence to Ooredoo. The licence was officially received by Ooredoo Fintech Maldives Board Member and Ooredoo Maldives Chairperson Fatima Al Kuwari.
The ceremony was attended by the Minister of Economic Development and Trade, Mohamed Saeed, and Chief Executive Officer of Ooredoo Maldives, Khalid Al-Hamadi.
According to the MMA, the authorisation will enable the commencement of launch preparations, testing and trials to introduce Paypal services through Ooredoo’s m-Faisaa digital wallet. With this approval, Techfin Maldives Pvt Ltd will continue to provide electronic money issuance and inward and outward remittance services under the payment services licence issued to it.
Ooredoo's m-Faisaa wallet has also received approval from MMA to accept deposits from foreign countries, and efforts are under way to enable remittance to m-Faisaa wallets via PayPal. According to Ooredoo, the service is expected to be launched next year.
Once operational, the service will allow individuals, especially freelancers, small businesses and families reliant on international transactions to send and receive money through PayPal.
Ooredoo Maldives CEO Khalid Al Hamadi said the licence further strengthens the company’s commitment to building a digital economy. He noted that m-Faisaa services already enables bill payment, merchant QR transactions and domestic transfers, and added that Ooredoo will further expand its efforts to build a digitally connected Maldives with expanded international remittance services in the future.
The introduction of PayPal services in the Maldives is a key priority of the government. It is a presidential pledge of President Dr Mohamed Muizzu to introduce modern online payment systems and e-wallet solutions to facilitate financial transactions.