Payment Maldives Pvt. Ltd. has announced plans to appoint a Chief Executive Officer (CEO) as it prepares to play a central role in expanding and managing the country’s national payment infrastructure. The contract-based, C-level position will report directly to the company’s Board of Directors and carry overall responsibility for strategy, operations and governance.
Operating under the oversight of the Maldives Monetary Authority (MMA), Payment Maldives is tasked with overseeing retail payment systems, including Favara, which was introduced in 2023. The CEO will be responsible for guiding the company’s long-term direction, ensuring secure and uninterrupted payment services, and driving innovation in digital transactions while meeting regulatory requirements.
The role includes strengthening financial inclusion, expanding participation by banks and fintech firms, and promoting digital payment adoption across the country, including in underserved areas. The CEO will also serve as the primary point of engagement with the MMA, government institutions and international partners, while maintaining compliance with financial, risk and data protection regulations.
The recruitment comes as the MMA advances efforts to modernise the national payments ecosystem. Formal discussions are underway to link Favara with India’s Unified Payments Interface (UPI) to enable instant cross-border transfers, alongside plans to connect with similar systems in other countries. The central bank has also confirmed progress on establishing a fintech regulatory sandbox and innovation hub.
