A bill has been submitted a bill to Parliament seeking approval to establish a new entity, Payment Maldives, aimed at enhancing the country's payment systems. The bill was introduced by PNC MP Adam Shafig on behalf of the government.

If passed, the amendment will grant MMA the authority to form or join companies, partnerships, or joint ventures to operate payment systems and services. It also includes strict provisions prohibiting unlicensed solicitation of payment services and bans local operators from offering services on behalf of foreign entities.

Violations may incur fines ranging from MVR 100,000 to MVR 10 million, with MMA empowered to define what constitutes unlawful solicitation.

The proposed law is set to take effect once passed, ratified, and published in the Government Gazette.

The move follows MMA’s 2023 launch of the national payment system Favra, and recent efforts to integrate it with India’s Unified Payments Interface (UPI). MMA said Payment Maldives will operate independently under separate management to strengthen and modernise the country’s payment infrastructure.