During PM Modi’s visit to the Maldives, the Maldives Monetary Authority signed a key agreement with NPCI International to integrate digital payment systems. The initiative aims to boost trade and modernize financial connectivity. Both leaders also discussed defence, climate change, and regional security cooperation to strengthen bilateral ties.
PM Modi in Maldives
During Prime Minister Modi’s visit to the Maldives on Saturday, the Maldives Monetary Authority (MMA) signed an agreement. In a key development during the prime minister’s visit to the Maldives, the Maldives Monetary Authority (MMA) has signed an agreement with NPCI International Payments Limited (NIPL) to integrate the digital payment systems of both countries.
While welcoming the initiatives by the Indian delegation and the Prime Minister on Saturday, in a press release, the Maldives' Ministry of Economic Development and Trade appreciated "the major step forward" in modernising the Maldives' payment systems.
The press release further stated that, "During Prime Minister Narendra Modi's ongoing state visit, the Maldives Monetary Authority (MMA) signed an important agreement with NPCI International Payments Limited (NIPL) to integrate the payment systems of both countries," as cited by news agency ANI.
The release further highlighted, "Beyond convenience for individuals, this initiative will boost trade between the Maldives and India by making business payments faster and more efficient. This improved financial connectivity opens doors for stronger economic partnerships and expanded international trade opportunities."
The Maldives administration is dedicated to introducing world-class financial technology to the Maldives, according to the statement. During the Indian prime minister’s visit to the Maldives, President Dr. Mohamed Muizzu was leading all the efforts.
"This digital payment system is part of a broader effort to build a modern, inclusive economy—one where all Maldivians can benefit from advanced digital services and have better access to financial tools that improve their daily lives," it said.
Earlier on Friday, Prime Minister Modi reached the Maldives in the second leg of his two-nation tour after concluding key meetings in the United Kingdom.
In his remarks at the press statement with Maldives President Mohamed Muizzu, the Prime Minister of India said that “India will continuously cooperate in developing defence capabilities of Maldives, and peace, stability, and prosperity in the Indian Ocean is a common goal of the two countries,” as cited by news agency ANI.
PM Modi also talked about the expansion of economic cooperation and a strong development partnership between the two countries.
He said, "In the sector of defence and security, mutual cooperation is the symbol of mutual trust. The building of the Defence Ministry, which is being inaugurated today, is a trusted, concrete building. It is a symbol of our strong partnership. Our partnership will also be in weather science. Whatever the weather may be, our friendship will always remain bright and clear. In the development of the defence capabilities of the Maldives, India will cooperate continuously. Peace, stability, and prosperity in the Indian Ocean are our shared goals," as cited by news agency ANI.
PM Modi, while adding to his statements, said, "Together in the Colombo Security Conclave, we will strengthen regional maritime security. Climate change is a challenge for both of us. We have decided to promote renewable energy. In this sector, India will share its experience with the Maldives."
(With inputs from ANI)
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