The Maldives Monetary Authority (MMA) has launched a new digital platform to modernise money changing operations and strengthen regulatory oversight, with all licensed money changers required to use the system from 1 December 2026.
The platform, named the Money Changer System, was officially inaugurated by MMA Deputy Governor Aishath Asna Hamdhee as part of the central bank’s efforts to improve the administration and supervision of foreign exchange businesses.
According to the MMA, the system is designed to digitise administrative and operational processes for businesses licensed to conduct money changing activities, replacing manual procedures with automated workflows.
The platform will allow licensed operators to record foreign exchange transactions, submit mandatory regulatory disclosures and provide transaction reports directly to the central bank.
By consolidating these functions into a single digital system, the MMA aims to simplify reporting requirements and improve the efficiency of communication between regulators and licensed money changers.
The authority said automating administrative tasks would reduce procedural delays and enable businesses to manage their regulatory obligations more efficiently.
The system is also expected to strengthen the MMA’s ability to monitor money changing activities by providing a more streamlined process for collecting and reviewing transaction information.
Under the new requirements, all holders of money changing licences must begin recording and reporting their transactions through the platform from 1 December.
The introduction of mandatory digital reporting represents a further step towards strengthening supervision of the Maldives’ foreign exchange sector, where licensed money changers play an important role in facilitating currency transactions for individuals and businesses.
The move comes as foreign currency availability and exchange market conditions remain important economic concerns in the Maldives, particularly given the country’s dependence on tourism earnings and imported goods.
The MMA said the new platform would support closer regulatory oversight and contribute to the development of a more robust financial sector.
The system is intended to improve the accuracy and accessibility of transaction records while enabling the central bank to supervise licensed money changing businesses more effectively.
With the December implementation deadline approaching, licensed operators will be required to incorporate the new platform into their transaction recording and reporting procedures.
