Ooredoo’s subsidiary TechFin granted PSP license

Maldives Monetary Authority (MMA) has granted Payment Service Provider (PSP) license to Ooredoo Maldives’ subsidiary company, TechFin Maldives Private Limited.

Ooredoo Maldives said receipt of the license will enable TechFin to operate as a licensed entity for payment services, allowing the company to expand its role in providing innovative and secure digital financial solutions to the people of the Maldives.

It was noted that Ooredoo’s widely-used digital wallet, m-Faisaa, and its remittance services will now be managed under TechFin.

Ooredoo said the move aligns with its strategy to enhance its digital financial offerings and ensure a more focused and streamlined approach to delivering state-of-the-art fintech solutions.

Ooredoo’s m-Faisaa platform has revolutionized financial transactions across the country by offering a simple and efficient way for customers to make payments, transfer funds, and access remittance services.

“By transitioning these services under TechFin Maldives, Ooredoo is reinforcing its commitment to creating a robust digital financial ecosystem while meeting the evolving needs of its customers,” said the telecom company.