The Maldives Monetary Authority (MMA) has granted Ooredoo Fintech an inward remittance license for remittances from foreign accounts.

Inward remittance is an arrangement where you can send money directly from an account abroad to a local account. One of the world's largest providers of the service is US multinational financial technology company PayPal.

Ooredoo Fintech has been issued an inward remittance license as part of the partnership signed between PayPal and Ooredoo. Ooredoo is working to integrate PayPal with Ooredoo's M-Faisaa.

Speaking at the ceremony to issue the inward remittance license, Ooredoo Fintech Maldives CEO and Managing Director, Khalid Al Hamadi said the license will enhance Ooredoo’s commitment to building a digital economy.

With the introduction of PayPal, freelancers, small businesses and international donors will also be able to send money through M-Faisaa.

According to PayPal, it is a fast, secure way to pay online. The service can be used to make purchases at millions of online stores across more than 200 global markets without having to convert any currency.