The Maldives Monetary Authority has formally launched a new company, Payment Maldives Private Limited, marking a major step toward strengthening the country’s payment infrastructure and accelerating the shift to a digital-first financial system.
The company was officially inaugurated today by Ahmed Munawar, Governor of the Maldives Monetary Authority, as part of the central bank’s broader agenda to modernise retail payment systems and expand financial inclusion.
Payment Maldives has been established to develop and manage national payment systems under a dedicated corporate structure, enabling the faster rollout of user-friendly and technology-driven payment services for both individuals and businesses. According to the MMA, the new entity will strengthen retail payment operations while creating a more agile platform for innovation and collaboration across the financial sector.
As operations commence, management responsibility for key national payment systems, including Favara and the Automated Clearing House (ACH), will be transferred to Payment Maldives. The company will also lead major ongoing initiatives such as the cross-border integration of Favara with India’s Unified Payments Interface and the implementation of the PayMV QR payment system.
The MMA stated that placing these services under a separate management structure will significantly accelerate development across the entire payment ecosystem. By involving banks and other financial service providers directly in project execution, the Authority expects improved coordination and faster delivery of new services.
While Payment Maldives will operate independently, the MMA will retain a 60 percent shareholding to ensure alignment with the objectives of the National Payment System Act. These objectives include maintaining a safe and resilient payment environment while expanding access to formal financial services nationwide.
The central bank noted that this operational model reflects successful global best practices adopted in several countries. Similar structures have been implemented in India, Australia, Thailand, and Jordan, where dedicated payment companies have played a transformative role in enabling real-time digital payments and modern financial infrastructure.
The launch of Payment Maldives is seen as a pivotal milestone in advancing the vision of a Digital Maldives. With digital transactions becoming increasingly central to everyday life, the MMA views the company as a future-ready platform capable of supporting existing systems while responding to evolving technological demands.
For the public, Payment Maldives is expected to deliver faster, more secure, and more accessible payment services, while for businesses it promises lower transaction costs, easier adoption of new technologies, and improved access to international payment opportunities.
The MMA said the initiative represents a decisive investment in the future of the Maldivian financial sector, positioning the country to foster innovation, strengthen economic resilience, and ensure inclusive growth in an increasingly digital economy.
