Maldives Adopts India's UPI to Boost Financial Inclusion
| Aspect | Details |
|---|---|
| Event | Introduction of India's Unified Payments Interface (UPI) in the Maldives |
| Announced by | Maldives President Mohamed Muizzu |
| Objective | Enhance financial inclusion and transaction efficiency |
| Managed by | Consortium led by TradeNet Maldives Corporation |
| Government Oversight | Inter-agency team including Ministry of Finance and Maldives Monetary Authority |
| Bilateral Agreement | Agreement with India during Indian External Affairs Minister S. Jaishankar's visit |
| Economic Context | Addressing currency challenges and stabilizing tourism-dependent economy |
| Key Facts about Maldives | Location: Indian Ocean; Capital: Male; Population: ~500,000; Economy: Tourism-driven (30% GDP) |
| Language | Official: Dhivehi; Widely spoken: English |
| Climate | Tropical with wet monsoon season from May to October |
| Biodiversity | UNESCO Biosphere Reserve with diverse marine life |