In a landmark move for the Maldives’ financial technology sector, Ooredoo Fintech Maldives has officially received an Inward Remittance License from the Maldives Monetary Authority (MMA), paving the way for seamless, secure, and direct international money transfers into m-Faisaa digital wallets.
The license represents a major stride in Ooredoo’s efforts to expand its fintech portfolio and aligns closely with the MMA’s ongoing initiatives to build a cash-lite and digitally inclusive economy. With this new approval, Ooredoo Fintech can now facilitate inward remittances, enabling individuals and businesses to receive funds from abroad directly to their m-Faisaa accounts — simplifying the process, reducing dependency on intermediaries, and ensuring faster access to funds.
A special handover ceremony was held at the Maldives Monetary Authority to mark the occasion. The license was formally presented by MMA Governor Ahmed Munawwar to Fatima Al Kuwari, Chairperson of Ooredoo Maldives and Board Member of Ooredoo Fintech Maldives, and Khalid Al-Hamadi, Chief Executive Officer of Ooredoo Maldives.
Commenting on the milestone, Al-Hamadi highlighted Ooredoo’s continued commitment to driving digital transformation in the Maldives:
“This new license reinforces Ooredoo’s support for the MMA’s vision of a cash-lite, digitally enabled economy. With m-Faisaa’s growing suite of services — from bill payments and merchant QR transactions to domestic transfers and now international remittances — Ooredoo is proud to play a key role in building a smarter and more connected Maldives”.
The introduction of inward remittance services through m-Faisaa is expected to greatly benefit freelancers, small business owners, and families who rely on overseas transactions for income and financial support. The service will also strengthen the Maldives’ digital payments infrastructure, ensuring greater financial inclusion and economic resilience.
Ooredoo Fintech Maldives is a subsidiary of Ooredoo Financial Technology International (OFTI), a wholly owned arm of the Ooredoo Group, which operates fintech platforms across Qatar, Oman, and the Maldives. The group aims to build a regional ecosystem of secure, innovative, and accessible digital financial services.
Ooredoo Maldives, a leader in the nation’s telecom and digital innovation space, reported revenues of MVR 1.78 billion and a profit after tax of MVR 465 million as of December 2021. The company’s ongoing digital initiatives continue to transform how Maldivians connect, transact, and engage in an increasingly digital economy.
