Vice President Faisal Naseem has inaugurated 'Favara,' the Maldives Instant Payment System developed by the Maldives Monetary Authority (MMA), on Saturday.
The system offers innovative, convenient, and affordable access to digital financial services, enabling users to make and receive payments instantly.
Speaking at the inaugural event held at CROSSROADS Maldives on Saturday night, VP Naseem highlighted the importance of adapting to technological advancements and keeping pace with the dynamic world. He celebrated the inauguration of 'Favara,' which will make digital banking services more accessible than ever. The VP also reiterated the administration's commitment to establishing and improving digitised services, laying the foundation for a digital Maldives.
In his remarks, the Vice President praised the creative abilities of local youth and encouraged them to join the local workforce to contribute to national development efforts to improve economic progress. He advocated for economic progress initiatives to create more opportunities for small and medium enterprises (SMEs).
Emphasising the need for sincere collaboration towards national economic progress, Vice President Naseem highlighted the importance of reducing the Maldives' reliance on foreign labour and imports while enhancing national production. He encouraged greater local participation in the workforce, innovation, and broader perspectives to achieve economic progress.
'Favala' will revolutionise payment services in the country. It will enhance businesses' services and make them more accessible to everyone. The customisable design of this system promotes the execution and access of payment services across the country. The system will encourage economic growth by promoting fintech and e-commerce services, providing opportunities for entrepreneurs and youth, and significantly increasing national production.