The CEO of Bank of Maldives, Mohamed Shareef, has announced that the number of Maldivians using the bank’s digital wallet, “Swipe,” has exceeded 20,000. Developed in line with the government’s vision to expand the Maldives’ digital economy, this platform is a 100% locally-developed product that adheres to international standards.
Swype now facilitates the sending and receiving of funds both locally and internationally without any additional fees. Currently, payments can be made through this wallet at over 3,300 businesses across the Maldives. Furthermore, individuals residing abroad can register for the service by completing the e-KYC process. Efforts are also underway to introduce cardless payment options by the end of this year through collaborations with international payment networks such as Alipay, WeChat Pay, Mastercard, and Visa.
One of the most significant advantages of this digital wallet is the ability to open international accounts in USD, GBP, and EUR, providing users with their own IBAN. This allows content creators and freelancers to receive international payments instantly and transfer those funds directly to their local dollar accounts. This is considered a revolutionary advancement for Maldivian youth working with international clients.
