Maldives to Introduce India's UPI for Enhanced Financial Transactions
Maldivian President Mohamed Muizzu agreed to take all necessary measures for the introduction of India's Unified Payment Interface(UPI), in the Maldives, said the statement released by the President's Office. The implementation is going to benefit the economy of the Maldives considerably through increased financial inclusion, enhancing efficiency in financial transactions, and boosting digital infrastructure.
It stated that a cabinet decision was reached after holding an exhaustive discussion on the paper submitted for the consideration of the cabinet meeting by the Minister of Economic Development and Trade.
"In this regard, President Dr Muizzu has agreed to a consortium for bringing UPI to Maldives", it added.
We need all the banks, telecom companies, state-owned companies, and fintech firms operating in the country to come under this consortium," Muizzu said. The TradeNet Maldives Corporation Limited was appointed as the lead agency of the consortium.
"Alongside this, he also sought the establishment of an interagency coordination team involving the Ministry of Finance, Ministry of Homeland Security and Technology and The Maldives Monetary Authority which would impel the Ministry of Economic Development and Trade to take steps toward establishing the UPI in Maldives, it said".
India and Maldives had signed a Memorandum of Understanding during the visit of External Affairs Minister S. Jaishankar in August this year to shape UPI in that island nation.
A financial interface operated by National Payments Corporation of India already exists in several foreign locations, including the UAE, Sri Lanka, France, Malaysia, Singapore, Nepal, the UK, and Mauritius.
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