PayPal withheld services in Maldives over business decision, MMA says
MMA noted that there are currently no legal or regulatory restrictions that prevent international digital wallets or payment platforms.
The Maldives Monetary Authority (MMA) has stated that PayPal has not introduced its services in the Maldives due to a business decision made by the company, not because of regulatory or legal barriers.
The clarification was provided in response to a request from the Parliament’s committee following a letter by MDP MP Mohamed Ibrahim to Speaker Abdul Raheem Abdulla, asking why the MMA had been unable to facilitate the use of online payment systems for businesses operating in the Maldives.
In its written response, the MMA confirmed that discussions were held with PayPal’s regional office between 2020 and 2021, prompted by indications of public demand for the service. The authority stated that, based on those talks, PayPal’s decision not to enter the Maldivian market was based on internal strategic or business considerations.
The MMA further noted that there are currently no legal or regulatory restrictions that prevent international digital wallets or payment platforms from operating in the Maldives, provided they comply with existing laws.
The Ministry of Economic Development is continuing to work on introducing PayPal services in the Maldives. The ministry has been sharing relevant information with the MMA and offering assistance to support the initiative.
Economic Minister Mohamed Saeed stated in August that a formal proposal had been submitted to PayPal to facilitate the introduction of its services in the country.
