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India expands UPI to Maldives boosting digital ties

India expands UPI to Maldives boosting digital ties

The post India expands UPI to Maldives boosting digital ties appeared on BitcoinEthereumNews.com. Homepage > News > Finance > India expands UPI to Maldives boosting digital ties In a major step towards deepening digital and financial cooperation, India and the Maldives have signed a landmark Network-to-Network agreement between India’s NPCI International Payments Limited (NIPL) and the Maldives Monetary Authority (MMA), paving the way for the implementation of Unified Payments Interface (UPI) in the island nation. This move highlights the growing global recognition of India’s fintech leadership, with the UPI now processing over 100 billion transactions annually. A Memorandum of Understanding (MoU) has been signed between India’s Ministry of Electronics and Information Technology (Meity) and the Maldives’ Ministry of Homeland Security and Technology to promote exchange of successful, scalable digital solutions. The goal is to accelerate digital transformation in the Maldives by leveraging India’s experience in implementing digital public infrastructure at scale. The agreements come amid a broader strategic reset in India-Maldives relations, marked by Indian Prime Minister Narendra Modi’s announcement of a ₹4,850 crore (about $550 million) line of credit and a renewed framework for cooperation across critical areas—trade, defence, infrastructure, and digital connectivity. These initiatives underscore an urgent and forward-looking commitment to regional stability, economic integration, and technological advancement. “During [the] President’s visit to India last October, we shared a vision for a comprehensive economic and maritime security partnership. That vision is now becoming a reality. As a result, our bilateral ties are reaching new heights, and several important projects have been inaugurated,” Modi said. “We have taken several steps to accelerate our economic partnership. To boost mutual investment, we will soon work towards finalizing a Bilateral Investment Treaty. Discussions on a Free Trade Agreement have also begun…With the local currency settlement system, trade can now take place directly in Rupees and Rufiyaa. The rapid adoption of UPI in the Maldives will…