The Maldives Monetary Authority (MMA) has officially announced a significant revision to the minimum capital requirements for payment service providers, gazetting amendments to the Payment Services Regulation today. This regulatory shift is designed to enhance the financial resilience of institutions operating within the national payment system.

According to the updated regulations, the minimum unimpaired capital for entities licensed to provide electronic money issuance, payment transaction acquiring, and remittance services has been increased to MVR 2,000,000. Previously, the capital floor for these services ranged from MVR 200,000 to MVR 500,000.

Furthermore, capital requirements for payment initiation and account information service providers have been raised from MVR 100,000 to a new threshold of MVR 1,000,000. These changes apply to all licensed payment service providers, who are now mandated to maintain these minimum capital levels at all times.

The central bank stated that the primary objective of these amendments is to ensure that licensed institutions possess the financial capacity to absorb potential losses and maintain uninterrupted service delivery. By enforcing stricter capital buffers, the MMA seeks to cultivate a more robust and responsible financial sector while bolstering public confidence in the Maldivian financial system.