The Maldives Monetary Authority (MMA) today published amendments to the "Payment Services Regulation," which governs entities facilitating financial transactions, in the Government Gazette.
Under these revised regulations, payment acquirers are now mandated to ensure that funds from transactions are credited to the beneficiary's Maldivian bank account within two working days.
Changes have also been introduced regarding the minimum capital requirements that licensed payment service providers must maintain at all times. Specifically, the minimum unimpaired capital for entities licensed to issue electronic money, acquire payment transactions, or provide remittance services has been increased to MVR 2 million.
For providers of payment initiation and account information services, the minimum unimpaired capital requirement has been raised to MVR 1 million.
According to the MMA, the purpose of adjusting these capital standards is to ensure that licensed institutions possess the financial resilience to recover from potential losses and provide secure, uninterrupted services.
Furthermore, the amendments aim to ensure that only financially sound and responsible institutions operate within the sector, thereby maintaining public confidence in the financial system.
