A new subsidiary company by Dhiraagu has been licensed.

The Maldives Monetary Authority (MMA) on Tuesday announced this via a press release.

MMA did not disclose any remarks on how this change will alter the services provided to customers.

However, the change is observed to be a significant step towards strengthening the country's payment system.

As such, the telecommunications provider in a post on social media platform ‘X’ revealed that this marks a “significant” step towards their efforts to enable customers to seamlessly get ahead in the digital age.

The country’s central bank issued an operating license to Dhiraagu Fintech Private Limited on Tuesday.

MMA’s statement reads that the license was granted to Dhiraagu Fintech Private Limited to provide payment services required for electronic money issuing services.

The central bank went on to reveal that the license was granted as per the National Payment System Act of Maldives.

The existing electronic money issuance services by Dhiraagu will be transferred under the new subsidiary company, with the license.