MMA approves Ooredoo Fintech to facilitate inward remittances via PayPal
With the introduction of inward remittance services, m-Faisaa users will soon be able to receive international funds directly into their digital wallets, streamlining the remittance process and removing the need for traditional intermediaries.
MMA grants approval to Ooredoo Fintech to commence inward remittances through PayPal
In a key development for the Maldives’ digital financial landscape, the Maldives Monetary Authority (MMA) has granted Ooredoo Fintech Maldives an Inward Remittance License, allowing international fund transfers directly into m-Faisaa digital wallets through PayPal.
This regulatory approval marks a pivotal expansion in Ooredoo’s fintech services, positioning m-Faisaa to offer users a more seamless and secure method for receiving cross-border payments. The new capability is expected to benefit a wide range of users, including freelancers, small business owners, and families dependent on international income streams.
The license was officially conferred during a ceremony held at the MMA headquarters, representing a formal endorsement of Ooredoo’s efforts to support the country’s transition to a digitally empowered economy.
With the introduction of inward remittance services, m-Faisaa users will soon be able to receive international funds directly into their digital wallets, streamlining the remittance process and removing the need for traditional intermediaries. This development enhances user convenience and financial autonomy, while reinforcing the nation’s broader goals of building a cash-lite, tech-driven financial ecosystem.
M-Faisaa, which already offers services such as bill payments, QR code-based merchant transactions, and domestic transfers, is expanding its capabilities to become a comprehensive digital financial solution. This latest milestone further strengthens Ooredoo’s contribution to the Maldives’ ongoing digital transformation and financial inclusion agenda.
