PayPal launch ends Maldives' economic isolation, president says

President Dr Mohamed Muizzu said on Sunday that the geographic barriers holding back the Maldivian economy would no longer stand, as PayPal services were introduced in the country.

He made the remarks at a ceremony at Bandos Nasandhura in Male to launch PayPal through Ooredoo's m-Faisaa wallet. The President said Maldivian businesses and creators now had the chance to establish themselves in the international arena.

Muizzu said that in the past, sea travel had connected the Maldives to the wider world. He said the country was now linked to the international community through the digital economy.

The President thanked PayPal and Ooredoo for bringing what he called a happy end to the years Maldivians had waited for the service.

He said he had previously heard about the difficulties facing young innovators and creators. For years, he said, such people had been told that the small size of the Maldivian economy made full access to services like PayPal unlikely.

"Payments could be sent out but payments were not received. Things could be bought from various parties abroad but there were limits on selling one's own skills," the President said.

He said the artificial limitations on creators and innovators selling their skills had now ended.

Muizzu said that when he took office in 2023 he had rejected the idea that the country's geography would narrow its opportunities. He said he had refused to accept that Maldivian creators would remain invisible to the global banking system.

The President described the day as the opening of an important chapter in the Maldives' economic history. He said the country could not advance economically by relying only on traditional sectors and that the economy could be diversified properly only by developing new areas.

He said PayPal was part of a larger blueprint to develop strategic infrastructure. He said the Maldives was ready to host major global digital infrastructure and to operate as a global hub.