President Dr. Mohamed Muizzu has announced that UnionPay debit and credit cards will be introduced in the Maldives starting from January next year.

Speaking at a meeting held in Muli during his current trip to M. Atoll, President Muizzu said that UnionPay cards can be used in more than 180 countries worldwide.

The President said this would bring advancements to the Maldivian economy.

"From January 1st, UnionPay debit and credit cards, which are used in more than 180 countries worldwide, will be introduced specifically for Chinese currency accounts," the President said.

BML has introduced Chinese Yuan accounts in the Maldives for the first time today.

President Muizzu said this would greatly facilitate businesses trading with China, reduce reliance on dollars, and provide some solution to the need to buy dollars in the black market.

"Maldivian businesses trade extensively with China, this will greatly improve the results," President Muizzu said. He also mentioned that he has instructed BML to arrange for the use of Indian Rupees as well.

President Muizzu said that with these arrangements, the dominance of the dollar, which is mainly used in Maldivian business apart from two other currencies, will be resolved.

BML has also decided to allow customers to add their USD Debit, USD Credit, and Travel cards to WeChat Pay.