Bank of Maldives (BML) has introduced its multi-currency digital wallet, Swipe, in Addu City, marking the first rollout of the service within the Maldives. The launch took place during a special ceremony held in Hithadhoo, Addu City, officiated by the Minister of Homeland Security and Technology, Ali Ihsan. The introduction of Swipe in Addu is expected to accelerate the adoption of digital payment solutions across the southern city, with the majority of local businesses anticipated to begin accepting payments through the platform as part of a broader shift toward cashless transactions.
Swipe serves as the official digital wallet of Visit Maldives and was first presented to the international travel and tourism industry during a ceremony held at the ITB Berlin travel trade fair in Germany. The service has been designed to support the Maldives’ expanding tourism sector while also strengthening the country’s domestic digital financial infrastructure. With Addu City selected as the first location for implementation, the initiative highlights the importance of extending modern financial services beyond the capital and key tourism hubs to support regional economic development and inclusive digital transformation.
Speaking at the launch event, Bank of Maldives Chief Executive Officer and Managing Director Mohamed Shareef stated that the government is actively working to introduce modern digital services across the country as part of a broader effort to advance the national digital economy. He explained that in an increasingly interconnected global marketplace, establishing a reliable and efficient online payment system is an essential foundation for economic modernization. Shareef emphasized that the Swipe digital wallet represents a locally developed fintech solution that reflects the Maldives’ growing capability to innovate within the global digital financial sector.
Shareef further explained that the development of Swipe aligns with BML’s long-term vision of becoming the leading digital bank in the region. As the national bank, he noted that BML carries a responsibility to contribute to the economic and social well-being of the Maldivian public through the introduction of innovative financial products and services. According to Shareef, the bank has introduced a series of digital improvements and service expansions over the past year in response to evolving market demands and the changing needs of individuals, businesses, and the wider economy.
The Swipe digital wallet has also been developed with international tourism in mind, reflecting the Maldives’ position as one of the world’s most sought-after island destinations. With tourist arrivals continuing to grow, Shareef highlighted the importance of providing financial solutions that meet international standards and deliver a convenient payment experience for travelers. Swipe is expected to serve as an official payment wallet for tourists visiting the Maldives, offering a streamlined alternative to traditional payment methods.
Currently, many tourists rely on international digital wallets and credit cards that typically impose transaction commissions exceeding 2.5 percent. In contrast, payments processed through the Swipe wallet are expected to incur a commission of approximately one percent, providing both visitors and local businesses with a more cost-efficient payment solution. This structure is anticipated to enhance the competitiveness of local enterprises while improving the overall visitor experience.
Through the Swipe Digital Wallet application, users can make secure contactless payments using QR codes from anywhere in the Maldives, allowing for fast and convenient transactions across a wide range of businesses and services. The platform also enables instant peer-to-peer money transfers, the ability to receive funds into a multi-currency account from any country, and real-time tracking of personal spending through the mobile application.
Users can add funds to their Swipe wallet using debit, credit, or prepaid cards issued by banks around the world. The system also provides the option to transfer funds directly to Bank of Maldives accounts and withdraw money when required, offering flexibility for both residents and international users.
In addition to benefiting consumers, the Swipe platform has been structured to support businesses by enabling them to receive payments instantly. This feature allows enterprises to manage their cash flow more efficiently and strengthens financial transparency in daily commercial operations. As adoption expands across Addu City, the digital wallet is expected to contribute to the development of a more integrated and technology-driven payment ecosystem within the Maldives.
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