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Maldives Monetary Authority Regulatory Sandbox Program

Guidelines

The Maldives Monetary Authority’s (MMA) regulatory sandbox program is designed to facilitate testing of innovative financial products and services. Here are the key guidelines for participating in the program:

  • Eligibility: The MMA may invite financial institutions, fintech companies, or other organizations to participate in the sandbox.
  • Application: Interested parties must submit an application to the MMA, which will be reviewed based on eligibility criteria.
  • Authorisation: Upon approval, the MMA will issue a permit allowing the participant to conduct testing activities within the sandbox.
  • Suspension/Revocation of Permit: The MMA may suspend or revoke the permit if there is a breach of law or regulation, failure to comply with obligations, or other reasons.
  • Reporting: Participants must submit interim reports on the progress of testing and a final report upon completion or revocation of the permit.

Conditions and Limitations

The MMA may impose certain conditions and limitations on participants in the regulatory sandbox program. These include:

  • Client Restrictions: The MMA may impose limitations on the number and type of clients with whom the participant can engage.
  • Transaction Limits: The MMA may set limits on the size and type of transactions that the participant can enter into.
  • Financial Reporting Requirements: Participants must submit regular financial reports to the MMA.

It is essential for participants in the regulatory sandbox program to understand the legal framework governing their activities. Key legislation includes:

  • Maldives Monetary Authority Act 1981: The MMA has the authority to issue regulations, circulars, and memorandums regarding licensing policies, procedures, standards, and conditions.
  • Maldives Banking Act: The MMA is empowered to grant exemptions to certain persons from the requirement of a banking license.
  • National Payment System Act: The MMA may exempt individuals or organizations from specific provisions of the Act.