BML introduces international wallet "Swipe"

BML has introduced a digital wallet that can be used locally and internationally as well, named Swipe.

BML's digital wallet was inaugurated by President Dr. Mohamed Muizzu today at a ceremony held at Barceló Nasandhura.

BML stated that the wallet is a service that will allow Maldivian youth and businesses to conduct cross-border transactions with ease.

This will see a decrease in expenditure, aid in bringing in foreign currency to Maldives and will see a decrease in difficulty in acquiring foreign currency, said BML.

BML said it is an international wallet that can be used anywhere in the world, as is the case with other digital wallets across the globe.

A video presentation regarding the digital wallet was also showcased during today's ceremony. BML also showed and explained some features of the digital wallet application during the presentation.

International transactions can be carried out without any fees via the wallet, as was said during the presentation. The wallet will aid in the sale of Maldivian products internationally and is 100 percent a Maldivian product. Its quality is also on par with other world-famous payment wallets.

BML CEO Mohamed Shareef stated that as the arrangement of conducting transactions, and using Forex and trading platforms for Maldivians to trade with ease is a pledge of President Muizzu, the bank and the Economic Ministry had been working together to bring this to fruition since the start of the year.

"Under our CTO's guidance, we have formed a team by bringing in technologically proficient Maldivian youth to the bank's technology team, with this project starting 12 months ago," said Shareef.

Shareef said the results of their efforts is the bank's introduction of the international wallet Swipe and its services being available before the end of the year.

"With this, the efforts of skilled Maldivians will see instant foreign currency transactions without any extra charges. This will also allow tourists to transfer funds via a Maldivian platform. It will further ease Maldivians in their money transactions. Businesses will receive money immediately," said Shareef.