Bank of Maldives (BML) CEO and Managing Director Mohamed Shareef has emphasised that to support a top-tier international tourism industry, the nation must offer financial products of the same high class standard.
This vision was put into action with the official global launch of ‘Swipe’, BML’s digital wallet, at the prestigious ITB Berlin tourism trade fair. Officially launched by MATI Chairman Hussain Afeef, the ‘Swipe’ wallet is now the official digital wallet of Visit Maldives Corporation (VMC).
In an exclusive interview with PSM News following the launch, Shareef said that introducing the wallet on a global stage like ITB Berlin was strategic, designed to bring significant benefits to the entire Maldivian tourism industry.
"This is a world-class payment wallet. I believe it will be on par with other wallets. There is no reason that it can't be. Maldives has world-class tourism and the most high-class resorts. It is important that we keep pace with such financial products to compete with international wallets," he asserted.
The wallet promises substantial advantages for key players in tourism, with Shareef highlighting that ‘Swipe’ offers dramatically reduced transaction costs and immediate settlement. While other payment platforms and international credit cards often charge fees exceeding 2.5 percent, ‘Swipe’ transactions will incur only a 1 percent fee, with no additional hidden charges for either the merchant or the customer.
Beyond its economic benefits for businesses, ‘Swipe’ is a fully locally designed solution equipped with the latest security features. It also introduces a new level of convenience, allowing visitors and locals to send money easily from abroad. Upon downloading the app and depositing funds, users receive money instantly and gain access to a suite of features including person-to-person transfers, QR payments, spending statistics, shared payment links, and easy top-ups and withdrawals.
After its initial launch last October and a successful beta testing phase, this global debut marks a major step in modernising the Maldives' financial infrastructure to match its luxury brand.