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Maldives President Mohamed Muizzu has announced the introduction of India’s Unified Payment Interface (UPI) in the country to enhance financial transactions and boost the economy. This decision, following a recommendation from the Cabinet, aims to promote financial inclusion, improve transaction efficiency, and upgrade digital infrastructure.
To implement UPI, the Muizzu government will establish a consortium involving banks, telecom companies, state-owned enterprises, and fintech firms. Furthermore, India is promoting digital public infrastructure globally, including UPI and other digital offerings, to drive digital transformation.
Less than a month after meeting with Prime Minister Narendra Modi, Muizzu made this announcement during his visit to India. The two nations have agreed to share expertise in digital and financial services and cooperate on various digital initiatives. India’s support, including a bilateral currency swap agreement, aims to address the financial challenges faced by the Maldives.
Both countries are working towards a Comprehensive Economic and Maritime Security Partnership to transform their bilateral relationship.
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