Gender-focused Digital Financial Services, National Financial Inclusion Strategy and Consumer Protection Framework
Country
Maldives
Member institution
Maldives Monetary Authority
Timeline
December 2019 – May 2022
Thematic area
Digital financial services
Context
Given the importance of tourism to the Maldives economy, it is crucial for small businesses to be able to accept cashless payments, as visitors are likely to use foreign payment cards. However, the majority of banks have not systematically implemented online onboarding procedures, instead employing inconsistent methods. It is also unclear whether insurance companies are properly identifying recipients of insurance payouts.
The project sought to develop an e-KYC framework to introduce a tiered approach to consumer due diligence that would allow financial institutions to use simplified procedures for lowering the risk and minimize barriers to use formal financial products and services, and reduce transaction costs.
The project sought to develop an e-KYC framework to introduce a tiered approach to consumer due diligence that would allow financial institutions to use simplified procedures for lowering the risk and minimize barriers to use formal financial products and services, and reduce transaction costs.
Project Activities
Outcome
This project led to the development of an e-KYC framework, guiding documents and regulations which will improve the efficiency and security of digital financial transactions. Peer learning sessions and knowledge sharing with regulatory institutions in Malaysia, Thailand, the Philippines, and Vanuatu all helped the MMA in advancing the digital financial landscape in the Maldives.