Desk. Maldives President Mohammed Muizzu has decided to take necessary steps to launch India’s UPI service in Maldives. In a statement issued by the President’s Office, it has been said that this step is expected to benefit the economy of Maldives.
India’s UPI facility will help Maldives in better financial transactions and digital infrastructure. This decision was taken after an in-depth discussion on the paper presented by the Minister of Economic Development and Trade in the Cabinet meeting. “President Dr. Muizzu has decided to form a consortium to launch UPI in Maldives,” the statement said.
Muizzu suggested that banks, telecom companies, government-owned companies and fintech companies operating in the country should be included in the consortium. He also appointed Tradenet Maldives Corporation Limited as the lead agency of the consortium. Information given by the President’s Office said, “He also decided to form an inter-agency coordination team to be led by the Ministry of Economic Development and Trade to oversee the rollout of UPI in the Maldives.
This team will include the Ministry of Finance, Ministry of Homeland Security and Technology and Maldives Monetary Authority. During the visit of External Affairs Minister S Jaishankar in August this year, Maldives and India had signed an MoU to implement UPI in the island nation. The financial interface, operated by the National Payments Corporation of India, is already being used in many other countries outside India.