TechFin Maldives Private Limited, a subsidiary company of Ooredoo Maldives has been granted the Payment Service Provider (PSP) license.

In a press release issued in mid-September, the telecommunications giant revealed that their subsidiary company TechFin Maldives has officially received the PSP license from the central bank, Maldives Monetary Authority (MMA).

Ooredoo notes that this significant milestone enables TechFin Maldives to operate as a licensed entity for payment services, allowing the company to expand its role in providing innovative and secure digital financial solutions to the people of the Maldives.

The telecom provider’s widely used digital wallet, m-Faisaa, and its remittance services will now be managed under TechFin Maldives, with this new license.

Ooredoo went on to reveal that this move mirrors Ooredoo’s strategy to boost its digital financial offerings.

Further, it also ensures a more focused and streamlined approach to the company’s efforts to deliver state-of-the-art fintech solutions.

Offering a simple and efficient way for customers to make payments, transfer funds, and access remittance services, the m-Faisaa platform has revolutionized financial transactions across the island nation.

The telecom provider is solidifying its commitment to create a robust digital financial ecosystem while meeting the growing needs of its customer base by transitioning these services under TechFin Maldives.