Swipe Can Compete with Global Digital Wallets, Says BML Managing Director Shareef

Bank of Maldives Managing Director Mohamed Shareef has said the bank’s newly launched digital wallet, Swipe, is designed to compete directly with leading international digital wallet platforms, positioning the locally developed product as a financial innovation capable of supporting the Maldives’ globally competitive tourism industry.

The digital wallet was officially unveiled at ITB Berlin, the world’s largest tourism trade fair currently taking place in Germany. The launch ceremony was officiated by Hassan Afeef, widely known as Champa, Chairman of the Maldives Association of Tourism Industry (MATI), underscoring the platform’s intended role in strengthening financial services within the tourism sector.

Speaking to state media PSM following the launch, Shareef said the Maldives, as one of the world’s premier travel destinations, must offer financial products that match the same global standards as its tourism infrastructure.

Shareef noted that the decision to launch Swipe at ITB Berlin reflected the bank’s view that the digital wallet could deliver tangible benefits to resorts and tourism operators by providing a more cost efficient payment solution.

According to Shareef, the platform is expected to reduce transaction costs for resorts and tourism businesses by offering lower commissions compared to conventional international payment channels. While many digital wallets and credit card transactions currently charge commissions exceeding 2.5 percent, payments made through Swipe will incur a commission of approximately 1 percent.

He said the wallet has the potential to stand alongside other international platforms, adding that there is no reason why a Maldivian developed product cannot compete with global digital wallets.

Swipe has been developed entirely by Maldivians and is described by the bank as a fully compliant digital payment solution designed to meet both local regulatory requirements and international financial transaction standards.

The platform supports both domestic and international transactions. Bank of Maldives confirmed that users can fund their Swipe wallets through BML accounts as well as through credit, debit, or prepaid cards issued by other providers.

The wallet was initially introduced through a limited release in January, allowing early users to test its core functions. These include person to person transfers, QR code payments, payment link sharing, expense monitoring tools, and options to top up or withdraw funds.

The introduction of Swipe marks a broader push by Bank of Maldives to expand the country’s digital financial infrastructure while strengthening payment systems that support the tourism driven economy. As international visitor arrivals continue to shape the Maldives’ economic outlook, industry stakeholders are increasingly looking toward digital payment solutions that can improve efficiency and reduce transaction costs across the sector.