Male' - August 26, 2023: Maldives Monetary Authority (MMA) launches the Maldives Instant Payment System, "Favara" that allows instant intra-bank and inter-bank fund transfers. The online instant payment system was officially inaugurated by Vice President Faisal Naseem. The system's name "Favara" uses the initial letters of 'Faseyha' (Easy), 'Vaguthun' (Prompt), and 'Rakkaatheri' (Secure). A total of three Maldives banks have onboarded as partners while more banks are currently in the process of getting onboarded. All the respective internet/mobile banking applications of the onboarded banks will be upgraded coinciding with the instant payment system's launch-- Photo: Fayaz Moosa | Mihaaru