An amendment to the Payment Services Regulations introducing changes to the required capital amounts for payment service providers was gazetted today.
Under the regulation published by the central bank, the Maldives Monetary Authority (MMA), changes have been brought to the minimum capital required to be maintained at all times by every licensed payment service provider. The minimum unimpaired capital for payment service providers licensed to issue electronic money, provide payment transaction acquiring services, and offer remittance services has been increased to MVR 2 million.
Under the regulation, the minimum unimpaired capital for payment service providers licensed to provide payment initiation services and account information services has been raised to MVR 1 million.
Changes brought to the required capital amounts:
- Electronic money issuing services: From MVR 500,000 to MVR 2,000,000.
- Payment transaction acquiring services: From MVR 200,000 to MVR 2,000,000.
- Remittance services: From MVR 200,000 to MVR 2,000,000.
- Payment initiation services: From MVR 100,000 to MVR 1,000,000.
- Account information services: From MVR 100,000 to MVR 1,000,000.
The MMA stated that the objective of this amendment is to ensure that licensed institutions have the financial capacity to absorb losses and safely maintain uninterrupted services. The central bank also noted that this move aims to ensure that financially sound and responsible institutions operate within the financial sector, thereby upholding public trust in the financial system.
