Ooredoo’s Techfin Maldives has received formal authorisation from the Maldives Monetary Authority (MMA) to provide PayPal services in the Maldives, marking a major milestone in expanding the country’s digital financial ecosystem.
At a ceremony held at the MMA headquarters, Governor Ahmed Munawwar presented the inward remittance licence to Ooredoo Fintech Maldives Board Member and Ooredoo Maldives Chairperson Fatima Al Kuwari. The event was also attended by the Minister of Economic Development and Trade, Mohamed Saeed, and Ooredoo Maldives CEO, Khalid Al Hamadi.
According to the MMA, the newly granted authorisation allows Ooredoo to begin the launch preparations, testing, and trials required to introduce PayPal services through its m-Faisaa digital wallet. With this approval, Techfin Maldives Pvt Ltd will continue to offer electronic money issuance and both inward and outward remittance services under its existing payment services licence.
Ooredoo’s m-Faisaa wallet has also obtained permission from the MMA to accept deposits from foreign countries, paving the way for enabling remittance directly to m-Faisaa wallets via PayPal. The service is expected to be launched next year, once testing and integration are complete.
When operational, the service will provide individuals, especially freelancers, small businesses, and families reliant on international transactions, an easier, faster, and more secure way to send and receive funds through PayPal.
Ooredoo Maldives CEO Khalid Al Hamadi said the licence reinforces the company’s commitment to building a digitally inclusive economy in the Maldives. He said that m-Faisaa already enables bill payments, merchant QR transactions, and domestic transfers, and that Ooredoo will further expand its efforts to connect the Maldives to the global digital economy through enhanced international remittance solutions.
The introduction of PayPal services in the Maldives aligns with a key presidential pledge of President Dr Mohamed Muizzu, aimed at modernising the nation’s financial systems through innovative online payment platforms and e-wallet solutions that facilitate seamless local and international transactions.
