MMA launches digital platform for money changers, mandatory to use from December 1

The Maldives Monetary Authority (MMA) has launched a digital platform aimed at improving the recording and reporting of foreign exchange transactions by licensed money changers. The new platform, called the Money Changer System, is designed to streamline reporting requirements through digitalisation and automation.

The system was officially launched by Aishath Asna Hamdi, Deputy Governor of the Maldives Monetary Authority (MMA). According to the authority, the initiative marks a significant step toward enhancing operational efficiency and strengthening transparency and integrity within the financial sector.

MMA said the platform will make the submission of mandatory reports more efficient and improve oversight of foreign exchange transactions conducted by licensed money changers.

The MMA has launched the Money Changer System, a digital platform that simplifies transaction recording and reporting, improves operational efficiency and strengthens financial sector integrity through digitalisation and automation. The system was launched by the Deputy Governor of MMA and marks a milestone in making reporting requirements more efficient. It will be mandatory for all licensed money changers from 1 December 2026.

— MMA (@MMA_Maldives) November 5, 2026

Under the new arrangement, use of the system will become mandatory for all licensed money changers from December 1, 2026.

The authority said the platform will make it easier to monitor foreign currency buying and selling transactions while helping identify transactions conducted outside official exchange rates. MMA added that the system is expected to strengthen regulatory oversight and improve the monitoring of activities within the foreign exchange market.