The Bank of Maldives (BML) has launched its multi-currency digital wallet, Swipe, in Addu City, marking the first location in the Maldives where the service has been introduced.

The service was officially launched by Minister of Homeland Security and Technology Ali Ihusaan at a ceremony held in Hithadhoo, Addu City.

Swipe, which completed its beta testing phase in December, has also been introduced as the official digital wallet of Visit Maldives. The wallet was showcased to the international travel industry during the ITB Berlin travel trade fair in Germany.

Following the launch in Addu City, many businesses in the city are expected to begin accepting payments through the digital wallet.

Speaking at the launch event, BML Chief Executive Officer and Managing Director Mohamed Shareef said the initiative reflects efforts to introduce modern digital financial services across the Maldives. He noted that as the global economy becomes increasingly digital, establishing reliable online payment systems is essential to building a modern digital economy.

MD Shareef described Swipe as a locally developed fintech product that demonstrates the Maldives’ growing capabilities in the digital financial sector. He added that the initiative represents an important milestone in BML’s efforts to become a leading digital bank in the region.

The digital wallet has also been designed with international tourism in mind. MD Shareef said Swipe will serve as a payment platform for tourists visiting the Maldives, offering a lower transaction commission of around one per cent, compared to the more than 2.5 per cent typically charged by many existing digital wallets and credit card systems.

Through the Swipe application, users can make contactless payments using QR codes, send money instantly, receive funds into a multi-currency account from overseas, and monitor their spending through the application. Funds can be added using debit, credit or prepaid cards issued by banks worldwide, and users can transfer money to their Bank of Maldives accounts or withdraw funds when required. The system also enables businesses to receive payments instantly, helping improve cash flow management for merchants.