Proposal to Introduce PayPal Submitted, Says Economic Minister

Minister of Economic Development and Trade Mohamed Saeed announced that a formal proposal to introduce PayPal in the Maldives was submitted last week.

Speaking during the ‘Raajje Miadhu’ programme on state media outlet TVM, Minister Saeed revealed that the full proposal had been sent to PayPal three days prior.

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On 22nd August, Saeed met with senior officials from PayPal, including the company’s Global Marketing President, to address challenges faced in bringing the platform to the Maldives.

Introducing PayPal is among the key pledges of President Dr Mohamed Muizzu. The government has engaged in discussions with the US government and other stakeholders to facilitate this process.

Minister Saeed also highlighted the crucial role played by the US in these efforts, noting that American officials had been supportive during a recent visit to Washington. During meetings with PayPal executives, further insights into the Maldivian market were shared.

Earlier this year, the Bank of Maldives (BML) took steps to enhance foreign money transfer services by launching a digital wallet and introducing international money transfer platforms.

In addition to PayPal, President Muizzu’s manifesto includes the potential introduction of other payment platforms such as Payoneer, Skrill, Stripe, and Neteller.