Economic Ministry: PayPal will catalyze revolutionary growth across domestic e-commerce landscape

The integration of PayPal services in the Maldives will catalyze revolutionary growth across the domestic e-commerce landscape and digital economy, states the Economic Ministry.

The services, introduced through a seamless integration established between PayPal and Ooredoo Fintech’s m-Faisaa, was officially inaugurated on Monday morning by President Dr. Mohamed Muizzu in a ceremony held at the Barceló Nasandhura Male’.

PayPal is a global digital wallet and financial technology platform that allows individuals to send and receive money, shop securely online without sharing card details, and access Buy Now, Pay Later (BNPL) services. For businesses, it provides tools for accepting payments, invoicing, and managing cash flow.

The global payment platform has been integrated with Ooredoo Fintech’s m-Faisaa service, allowing Maldivian users to link their PayPal and m-Faisaa wallets, enabling seamless cross-border transactions and global e-commerce participation.

In a statement on Monday, the Economic Ministry said that it expects the historic milestone to catalyze revolutionary growth across the domestic e-commerce landscape and digital economy, unlocking unprecedented avenues for private enterprise.

“Furthermore, it strengthens the foundational resilience of the national economy, creates immediate avenues for Maldivian products in international trade, and secures a vital new pipeline for foreign exchange inflows into the country,” added the ministry.

The ministry said that by securing the seamless integration of PayPal, the Maldives has overcome longstanding structural hurdles, elevating itself into the ranks of the region’s most forward-looking digital economies.

“The unique partnership model adopted by the state effectively fast-tracked resolutions to regulatory challenges, enabling a swift and secure rollout of the service,” added the ministry.

President Muizzu has stated that the integration of PayPal was part of larger efforts by his administration to transform the Maldives into a fully developed nation by 2040.