Payment service providers’ license issued to four new parties

Maldives Monetary Authority (MMA) has issued payment service providers’ license to four additional parties.

The license was issued to the four parties on Thursday under National Payment System Act.

The four parties are:

• VTT Finance Pvt. Ltd.
• Global Payments Asia-Pacific Maldives Pvt. Ltd.
• Payer Pvt. Ltd.
• FahiPay Pvt. Ltd.

VTT Finance and Global Payments Asia-Pacific Maldives were issued license to provide payment acquire service, while Payer and FahiPay were issued license to issue electronic money.

The National Payment System Act was enacted in 2021.