MMA launches digital platform to modernise money changing operations

The Maldives Monetary Authority (MMA) has introduced a new digital platform aimed at modernising and strengthening the operations of licensed money changing businesses in the country. The platform, named the Money Changer System, was officially inaugurated at a special ceremony held for the purpose. The new system was launched by Aishath Ashna Hameed, Deputy Governor of the MMA. According to the central bank, the platform is designed to digitise all administrative and operational work of money changing businesses under one roof, reducing reliance on paper. The MMA stated that administrative tasks within the system will be automated, making daily transactions between the central bank and license holders faster and smoother. The platform will also ease the recording of various transactions involved in money changing and the preparation and submission of relevant reports. Information required by law to be sent to the central bank can now be shared through this system, and transaction reports can be submitted easily. The regulator noted that the platform will provide additional ease in supervising and monitoring the money changing sector, leading to further strengthening of the financial sector. Starting from December 1, 2026, all entities holding a money exchange license in the country must use this system to record and report money changing transactions.