President Dr. Mohamed Muizzu has decided to introduce India’s Unified Payment Interface (UPI in the Maldives. The decision was made after discussing a paper submitted by the Economic Ministry at a Cabinet meeting held Sunday.
To facilitate the implementation of UPI, President Muizzu has decided to establish a consortium that will include banks, telecom companies, state-owned enterprises, and fintech firms operating in the Maldives. TradeNet Maldives Corporation Limited, a leading agency with proven expertise, has been appointed as the consortium’s leading agency.
Additionally, an inter-agency coordination team will be formed to oversee the project. This team will comprise of the Finance Ministry, Homeland Security and Technology Ministry, and The Maldives Monetary Authority to lead the Economic and Trade Ministry to oversee the establishment of the UPI in the Maldives.
