Minister of Homeland Security and Technology Ali Ihusaan has said the Swipe digital wallet will play a significant role in the government’s broader strategy to modernise the Maldivian economy and accelerate the country’s transition toward a digital financial ecosystem.
The minister made the remarks while speaking at the launch of the Bank of Maldives international digital wallet, Swipe, during a ceremony held in Addu City.
Addressing the gathering, Minister Ihusaan noted that the application was developed by a Maldivian from Addu, describing it as a source of pride for the region and the country.
He added that the platform has the potential to grow into one of the world’s most powerful digital payment systems if widely adopted.
The minister also highlighted that Addu is the first atoll in the Maldives where the Swipe wallet has been introduced, positioning the southern city as an early hub for the rollout of the technology.
According to the minister, expanding contactless and cashless payment systems is a key pillar of the administration’s economic transformation agenda under President Mohamed Muizzu.
He explained that financial technologies such as Swipe will help support the development of what the government describes as a “Digital Maldives” — an economy where citizens can participate more easily through modern digital platforms.
The wallet allows users to transfer money instantly, make payments electronically and conduct financial transactions without relying on physical cash.
Minister Ihusaan said such capabilities are essential for building a more efficient and inclusive economic environment.
The minister also noted that the digital wallet could benefit small and medium enterprises by simplifying payment processes and expanding opportunities for individuals entering the business sector.
By enabling fast and secure transactions, he said the platform could help stimulate economic activity while supporting entrepreneurs and service providers across the country.
He encouraged the public — particularly residents of Addu — to actively adopt the technology and take advantage of the opportunities it presents.
Swipe is a fully locally developed financial technology product created by Maldivian developers and designed to meet international standards for digital financial transactions.
The platform enables both domestic and international payments. Users can fund their wallets through Bank of Maldives accounts or by linking credit, debit and prepaid cards.
Officials say the introduction of Swipe reflects the growing role of homegrown innovation in shaping the Maldives’ digital economy and strengthening financial inclusion nationwide.
