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Maldives: fintech & payments regulation

Regulated

VASP licensing under 2021 Act; MMAs dual oversight with 2025 amendments

Lead regulator:
Maldives Monetary Authority
Key law:
National Payment System Act (2021)
Last updated:
2026-07-12

The Maldives Monetary Authority (MMA) serves as the primary regulator for fintech and payment services, operating under the National Payment System Act (2021) and its 2025 amendments. The regulatory framework mandates strict licensing for payment service providers, money changers, and financing businesses, with recent updates expanding the MMA's operational powers and enforcing stricter capital and compliance standards.

Key activities such as payment processing, money changing, and financing require specific licenses, with capital adequacy and customer fund segregation mandated. The MMA has also introduced measures to facilitate local currency settlements and reduce cash dependency, while maintaining robust AML/CFT obligations for all licensed entities.

The regulatory environment is characterized by a move towards digital integration, including mandatory participation in instant payment systems, and enhanced oversight of non-bank financial institutions, particularly within Special Economic Zones.

Who regulates

  • Maldives Monetary Authority

    Primary supervisor for payment systems, banking, money changing, and financing businesses

    [1][2][3][4][5]

Core laws & rules

  • National Payment System Act (2021)

    Establishes the MMA as the primary regulatory body for payment systems, mandates licensing for payment service providers, and defines key terms such as clearing and settlement.

    [1]

  • First Amendment to the National Payment System Act (2025)

    Expands the MMA's operational powers, grants the right to own and operate payment systems, and enforces stricter licensing requirements.

    [2]

  • Maldives Banking Act (2010)

    Regulates banking operations, establishes licensing requirements, capital adequacy standards, and prohibited activities for domestic and foreign banks.

    [6]

Licensing & registration

  • Payment Service Providers

    Licensing framework established under the National Payment System Act, requiring strict capital adequacy, security deposits, and customer fund segregation.

    [3]

  • Money Changing Business

    Two-tier licensing system (Tier 1 and Tier 2) established, with Tier 1 entities required to operate from designated permanent locations.

    [4][7]

  • Financing Business

    Strict capital adequacy and reserve requirements for Tier 1 and Tier 2 entities, with comprehensive due diligence mandated for applicants.

    [5]

Restrictions & warnings

  • All banks must settle domestic card transactions in Maldivian Rufiyaa, and cash withdrawal limits are imposed to encourage electronic transactions.

    [8][9]

  • Strict AML/CFT compliance obligations are mandated for card issuers, acquirers, and all licensed financial institutions.

    [10][11]

Direction of travel

  • The regulatory direction emphasizes digital integration, with mandatory participation in instant payment systems and facilitation of local currency settlements with India.

    [12][13]

Sources

  1. National Payment System Act · 2021-05-18
  2. First Amendment to the National Payment System Act · 2025-08-28
  3. Regulation on Payment Services · 2022-03-13
  4. Regulation on Money Changing Business · 2024-10-01
  5. Regulation on Financing Business · 2022-07-18
  6. Maldives Banking Act (2010) · 2016-08-09
  7. First Amendment to the Regulation on Money Changing Business (Dhivehi) · 2025-10-09
  8. Circular CN-PSD/2021/4: Acquiring and Settling Card Transactions Conducted in Maldives in MVR · 2021-08-29
  9. Circular CN-BSD/2020/9: Cash Withdrawal Limits · 2020-12-19
  10. Circular CN-FIU/2017/7: AML/CFT Compliance Obligations for Card Issuers and Acquirers · 2017-03-16
  11. First Amendment to the Maldives Banking Act (2015) · 2015-01-05
  12. Circular CN-PSD/2021/1: Participation and Integration to the Instant Payment System · 2021-04-28
  13. Circular CN/2025/11666: Facilitation of Indian Rupee (INR) Account Openings by Banks · 2025-06-19

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This guide is compiled automatically from 13 primary-source documents published by Maldives's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.