The Maldives has signed an agreement with an Indian company to further develop the e-commerce sector.
The agreement with NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI), was signed at a ceremony held at the Foreign Ministry on Friday night, as part of India’s External Affairs Minister Subrahmanyam Jaishankar’s ongoing visit to the Maldives.
According to the Economic Ministry, this agreement aligns with President Dr. Mohamed Muizzu’s manifesto, aiming to expand e-commerce opportunities across the nation.
Under the agreement, modern digital payment systems will be established in the Maldives. It would also improve financial services accessibility, particularly in the more remote islands, and establish networks to facilitate foreign currency transactions. In addition, training and assistance will be provided to local financial institutions to introduce and maintain additional payment systems.
