BML introduces Swipe - a new digital multi-currency wallet for Maldives and beyond

The Bank of Maldives (BML) on Wednesday unveiled Swipe – a new multicurrency digital wallet that offers seamless, instant and secure payments for Maldives and beyond.

The 100 percent Maldivian-developed digital wallat was inaugurated by President Dr. Mohamed Muizzu at a ceremony held in the morning.

The national bank hails Swipe as a significant milestone in achieving its vision of being the best digital bank in the region, and one that positions the Maldives and its fintech talent on the global digital financial landscape.

With the Swipe digital wallet app, customers will have a quick, easy and secure way to pay through QR codes for contactless payments across the country.

Customers can also send funds instantly on Swipe, receive money from anywhere in the world to their multi-currency account and generate insights on spending habits.

According to BML, any debit, credit or prepaid card issued by any bank in the world can be used to top-up the Swipe wallet and withdrawing funds to BML accounts is simple and quick.

For merchants, Swipe allows real-time settlement without any delays, allowing for easy cash flow management.

Speaking at the launch event, Mohamed Shareef, the CEO and Managing Director of BML, described Swipe as a milestone for digital payments in the Maldives.

“Swipe is a milestone for digital payments in our country. It is developed by Maldivians, for Maldives and beyond to provide easier, safer and more accessible financial services,” he said.

“We are excited to lead this transformation and as the national bank, we remain committed to delivering modern, innovative solutions.”

According to BML, Swipe is built with robust security, and is fully compliant with local as well as international regulations and payment standards, providing a local alternative to other external wallets.

The bank added that the wallet will support the needs of freelancers and online sellers to receive money from clients or customers in different countries, and for tourists, Swipe will be a convenient wallet for payments in the Maldives.

Swipe is set to be released for beta testing in December.