MVR 10M fine set for unlicensed payment services

8 hours ago

The Maldives Monetary Authority (MMA), acting as the central bank, has introduced a proposed amendment that would levy a fine ranging from MVR 100,000 to MVR 10 million on entities providing payment system services without proper licensing from the MMA. The MMA is tasked with the development of Favara, the national payment system of the Maldives. The objective of the amendment to