Maldives central bank seeks vendors for new payment system

The Maldives Monetary Authority is seeking vendors for a new payment system development project.

The central bank described the Maldives Payment System Development as a “three-phase initiative to transform the payment landscape of Maldives,” the main objective of which is to create an “all-inclusive instant payment system” that would allow users to make and receive payments regardless of their bank or island of residence. 

“Our primary objective is to transform the payment services in Maldives by enabling users to make and receive payments instantly, irrespective of the island they live on or where they bank,” said Hawwa Latheef, senior manager of MMA’s payment systems section.

“We believe that this project will bring a significant change to the daily livelihood of people through easy, accessible and affordable digital financial services.”

The project aims to connect all commercial banks and financial service providers.

The second phase involves creating digital solutions to facilitate instant payments regardless of a customer’s bank. It aims to create a digital account system, which can be used by transferring funds from bank accounts.

Under the third phase, an integrated solution would be introduced to connect the payment system to other services such as transportation or other regular payments.

The MMA has issued a Request for Information seeking details of prospective vendor capabilities, potential solutions and estimated costs.