President says geographic constraints no longer limit economic growth

President Dr Mohamed Muizzu said on Monday that the geographical barriers that once limited economic opportunities for the Maldives no longer need to restrict the country's growth.

The President made the remarks while addressing the launch of PayPal services in the Maldives through Ooredoo's m-Faisaa platform at a ceremony held at Dharubaaruge.

Speaking as chief guest, Muizzu said the introduction of PayPal would provide Maldivian businesses, entrepreneurs and content creators with greater access to international markets.

He noted that while the Maldives was historically connected to the wider world through maritime trade, the country is now linked to global markets through the digital economy.

The President thanked PayPal and Ooredoo for making the service available in the Maldives after years of public demand.

Referring to discussions he had held with young entrepreneurs and creators, Muizzu said many had faced challenges because they were unable to receive payments through international online platforms.

"Even though payments could be sent abroad, payments could not be received. While goods could be purchased from various foreign parties, there were limitations on selling one's own talents," he said.

According to the President, the introduction of PayPal removes barriers that previously limited the ability of Maldivians to offer services and products to international customers.

"When I assumed office in 2023, I stated that I do not accept the narrative that the Maldives' geographical layout should narrow our opportunities. I refused to accept that Maldivian creators should remain invisible to the global banking system," Muizzu said.

"Through the collaborative efforts of the government and our partners, PayPal services have been successfully introduced to the Maldives. Today marks the opening of a chapter in the economic history of the Maldives."

The President also stressed the importance of broadening the country's economic base beyond traditional industries.

He said long-term economic growth would require the development of new sectors and increased participation in the digital economy.

Muizzu added that the introduction of PayPal forms part of a wider strategy to strengthen digital infrastructure and position the Maldives as a location capable of supporting international digital services and investment.

PayPal services were launched in the Maldives through a partnership between PayPal and Ooredoo Fintech, with the platform being integrated into Ooredoo's m-Faisaa digital wallet.