The Maldives Monetary Authority (MMA) has implemented amendments to the Payment Services Regulation, effectively increasing the minimum capital requirements for payment service providers. Under these new regulations, remittance service providers are mandated to credit funds to accounts within two business days. Furthermore, the minimum capital requirement for companies has been raised to MVR 1 million and MVR 2 million, depending on the specific type of service provided. While existing banks have been granted a six-month transition period to comply with these requirements, these strategic changes aim to enhance the financial capacity of institutions and ensure the continued stability and integrity of the financial system.
