The People's Majlis has today passed an amendment to the National Payment System Act, proposed by the government, to facilitate and empower the Maldives Monetary Authority (MMA) to establish the "Payment Maldives" company.

The bill was submitted to the parliament by PNC member Adam Shareef, representing Makunudhoo constituency.

The bill was passed with the majority of 63 members present and voting at today's session. Abdul Gafoor Moosa, MP for Hanimaadhoo constituency, and Ahmed Nazil, MP for Hithadhoo South constituency, voted to abstain.

Under the amendment, MMA is given the power to establish companies and other legal entities for operating payment systems and providing payment services. It also includes provisions to prohibit solicitation of payment services and sets rules for penalties.

The amendment allows MMA to establish a company, partnership, or joint venture as a shareholder, partner, or in any other capacity to operate a payment system or provide payment services. MMA can also become a shareholder of such a company or joint venture, or a partner in such a partnership.

The amendment is proposed to come into effect from the day it is passed, ratified, and published in the government gazette.