Regulatory AlertsMaldives: fintech & payments regulation
RegulatedMMA regulates payments via 2021 Act; strict licensing for VASPs and remittance
- Lead regulator
- Maldives Monetary Authority (MMA)
- Also involved
- NFIU (AML/CFT supervision)
- Core law
- National Payment System Act (2021)
- Entry capital
- MVR 500,000 (Payment Service Provider)
- Approval timeline
- —
- Customer assets
- Segregated in trust account
- Data protection
- Personal Data Protection Act (2023) · PDPA Authority
- Sandbox
- No
The Maldives Monetary Authority (MMA) is the sole supervisor for payment services under the National Payment System Act (2021). The regime mandates licensing for payment service providers, with strict capital and segregation requirements. The MMA is actively expanding its powers, including the ability to operate payment systems directly, and has introduced specific regulations for money changing and financing businesses.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | LicencePayment Service Provider Licence[1] Requires segregation of customer funds | MVR 500,000 | — | Maldives Monetary Authority |
| E-money & wallet issuance | LicencePayment Service Provider Licence[1] Covered under payment services regulation | MVR 500,000 | — | Maldives Monetary Authority |
| Domestic money transfer | LicencePayment Service Provider Licence[1] Domestic transfers require PSP licence | MVR 500,000 | — | Maldives Monetary Authority |
| Cross-border remittance | LicenceMoney Changing Business Licence[2][3] Two-tier licensing system for FX/remittance | — | — | Maldives Monetary Authority |
| Agent network | LicencePayment Service Provider Licence[1] Agent networks fall under PSP regulation | — | — | Maldives Monetary Authority |
| Open banking / account information | Uncertainverify with regulator No specific open banking framework identified | — | — | — |
| Foreign-exchange services | LicenceMoney Changing Business Licence[2][3] Tier 1 licensees may buy/sell FX | — | — | Maldives Monetary Authority |
New — what changed recently
- 2025-08-28First Amendment to the National Payment System Act — Expanded MMA's powers to own and operate payment systems and enforce stricter licensing.[4]
- 2025-10-09First Amendment to the Regulation on Money Changing Business — Established a two-tier licensing system for foreign currency exchange operations.[2]
- 2024-10-01Regulation on Money Changing Business — Replaced 1987 rules with a new two-tier licensing system for FX businesses.[3]
Market-entry checklist
- 1Secure PSP Licence from MMAApply for Payment Service Provider Licence with MVR 500,000 capital.
- 2Segregate Customer FundsEstablish trust accounts for customer fund segregation as mandated.
- 3Obtain Money Changing LicenceApply for Tier 1 or Tier 2 Money Changing Business Licence for FX.
- 4Implement AML/CFT FrameworkComply with NFIU reporting and MMA AML/CFT circulars.
- 5Integrate with Instant Payment SystemEnsure technical integration with the MMA's Instant Payment System.
Sources
- Regulation on Payment Services · 2022-03-13
- First Amendment to the Regulation on Money Changing Business (Dhivehi) · 2025-10-09
- Regulation on Money Changing Business · 2024-10-01
- First Amendment to the National Payment System Act · 2025-08-28