Maldives economy will see major progress with FinTech: Niyaz

During the panel discussion held by Maldives Monetary Authority (MMA), Ooredoo Maldives Chief Commercial Officer Hussain Niyaz has said that with innovations in digital finance and FinTech, all of Maldives will see advancements in business and its economy.

The panel discussion, held at Villa Nautica, included policy makers and finance industry seniors, where Niyaz said that digital finance would be the strongest resource for an island nation such as Maldives.

"Digital finance is one of the most important resources an island nation such as ours can use to establish equal opportunities. With the integration of M-Faisaa and PayPal in the near future, freelancers, artists and small businesses will receive the opportunity to earn a living and new opportunities in the world market. Every community becomes a player in the economy through this," said Niyaz.

At the panel discussion, named "Rethinking Economic Growth Beyond Tourism", Niyaz said that within the challenges that Maldives is facing is the high cost of urban development, the differences towards people skilled in the digital medium and challenges in digital systems being segregated need to be solved.

"This is not something that can be done alone. It is required that a steady partnership be formed with the private sector in order to provide every Maldivian island opportunities to innovate," said NIyaz.

While speaking on digital transformation during the panel discussion, Niyaz said that technology would not be the only thing that designs a digital Maldives, with Ooredoo saying they will assist citizens with a mindset to bring about change who want to establish a digital Maldives.

He also said that Ooredoo will always work towards providing digital solutions via platforms such as M-Faisaa, expanding connectivity in Maldives and promoting financial inclusion.

As Ooredoo works to integrate M-Faisaa and PayPal, it will carve a path for Maldivians to conduct international transactions with ease. It will become a major benefit to freelancers, guesthouses, small businesses and creative entrepreneurs who are living in all corners of Maldives.

Ooredoo Maldives said that their aim is to establish a digital economy by working together with government administrations, regulators and the private sector.