MMA Grants Payment Service Provider License to TechFin Maldives
The Maldives Monetary Authority (MMA) has awarded a Payment Service Provider (PSP) licence to TechFin Maldives Private Limited, a subsidiary of Ooredoo Maldives.
This licence enables TechFin to operate as a regulated entity for payment services, enhancing its ability to provide innovative and secure digital financial solutions across the Maldives.
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MMA issues Payment Service Providers' License to Techfin Maldives Pvt. Ltd. pic.twitter.com/yHhXJMlGf3— MMA (@MMA_Maldives) September 29, 2024
The PSP licence will allow TechFin to manage and expand services such as the widely-used digital wallet, m-Faisaa, as well as remittance services. These services, previously under Ooredoo, will now be consolidated under TechFin, ensuring a more streamlined and focused approach to financial technology offerings.
Ooredoo’s m-Faisaa platform has significantly transformed financial transactions in the Maldives, providing customers with a simple and efficient way to make payments, transfer funds, and access remittance services.
Ooredoo Maldives highlighted that the transition aligns with its broader strategy to enhance its digital financial services, aiming to create a robust digital financial ecosystem that meets the evolving needs of its customers.
