Three local banks — Bank of Maldives, Maldives Islamic Bank and State Bank of India — signed Participation Agreements with the Maldives Monetary Authority to join the upcoming Instant Payment System, which is scheduled for inauguration by the end of August. The system will enable real-time payments using alternative identifiers such as national ID, mobile and email, and is intended to reduce cheques and cash circulation.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
Bank of Maldives (BML), Maldives Islamic Bank (MIB), and State Bank of India (SBI) inked the “Participation Agreements” with the central bank in a special ceremony held at the MMA headquarters on Monday.
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Speaking at the signing ceremony, MMA Governor Ali Hashim expressed confidence that more banks would join the IPS in the future.
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
Pilot testing of the system is set to commence within the next two weeks.
Word for word from the report in Maldives Republic. Open the report
