Connect with us

Business

Dhiraagu announces its participation in an undersea cable SEA-ME-WE 6 (Southeast Asia-Middle East-Western Europe 6)

Avatar

Published

on

Dhiraagu announces its participation in the SEA-ME-WE 6 (Southeast Asia-Middle East-Western Europe 6) consortium, for the construction of a new so-called “express” submarine system planned to connect South-East Asia, the Middle East, and Western Europe at eleven countries from Singapore to Marseille, France.

The SMW6 cable system consists of 10 fibre pairs, with 12.6Tbps per fibre pair and 126Tbps system capacity, using the latest SDM technology, cost approximately US$500million and is expected to be completed by Q1 2025.

SMW6 consortium comprises Airtel (India), Bangladesh Submarine Cable Company, Dhiraagu (Maldives), Djibouti Telecom, Mobily (Saudi Arabia), Orange (France), Singtel (Singapore), Sri Lanka Telecom, Telecom Egypt, Telekom Malaysia, and Telin (Indonesia).

SMW6 is a 19,200 km long submarine cable system with a minimum transmission speed of 100Tbps, using the latest undersea cable technology. This cable system will provide direct access to key Internet Exchange Points (IXPs) and Data Centres (DCs) from South-East Asia to Europe. Dhiraagu in their press release said this investment will significantly strengthen Maldives’ International connectivity, improve the quality and resilience of its services to consumers, businesses and fuel future growth of digital services across the country.

Ismail Rasheed, CEO & MD at Dhiraagu said “We are delighted to be a partner of SMW6 consortium and achieve this important milestone in the development of our telecommunication services in the Maldives. This is a significant investment that will bring immense benefits to the nation, our customers and shareholders. The SMW6 cable system will provide us direct connectivity to multiple key locations across the world, which will help reduce latency, improve quality and reduce costs of Dhiraagu’s internet services.”

With the growing demand for digital services, this addition to existing submarine cable systems connectivity in the Maldives will be strengthening the digital infrastructure and its dream to become a digital hub.

Currently, Dhiraagu is connected to a global network via Sri Lanka through Maldives Sri Lanka Cable system (MSC) and Dhiraagu-SLT Submarine Cable Network. Ooredoo Maldives also is part of the consortium that owns Maldives Sri Lanka Cable system (MSC) and also they have an undersea cable to India.

Business

BML issues MVR 5 bil in loans in 2023

FI

Published

on

By

Bank of Maldives (BML) has reported issuing a total of MVR 5 billion in loans in 2023.

According to BML, despite inflation rate hikes and geopolitical tensions globally, the Maldives economic growth increased by 6.5% last year, which was reflected on the bank’s performance as well.

BML reported its balance sheet for 2023 observed an MVR 3.8 billion increment, while the bank’s total asset value increased over MVR 45 billion. Additionally, the bank’s operating profit rose by 7 percent, registering MVR 2.7 billion in total.

The bank had earlier announced a record-high profit-after-tax of MVR 2.07 billion in annual terms observed in 2023.

BML’s Director of Retail, Business and SME Banking, Moosa Nimal said the bank issued MVR 5 billion in loans to both businesses and individuals last year, out of which MVR 1.4 billion was specifically issued to individuals and SME segment, which is the highest issuance for the segment in the last five years.

Besides this, the bank further enhanced its personal banking services with new and improved products for general customers and businesses.

Speaking on the new services the bank introduced last year, Nimal said, “Education is a top priority for us, and to assure the Maldivian economy is built on the foundation of strong education, we sliced the Kiyavaa Loan rate from 9% to 5%. Additionally, to qualify individuals to seek loan facilities for housing, we extended the Home Purchase Loan and Financing period to 25 years, and extended the maximum loan amount to MVR 1.2 million without a collateral.”

Additionally, three businesses under the BML Startup Grant successfully began operations last year, while two more were assisted under the grant.

Last year 23,000 new customers joined the bank, surging its customer base to 345,000 in total and 66,000 new bank accounts were opened which include 5,600 business accounts.

Source(s): sun.mv

Continue Reading

Business

Government to hold discussions with America to enhance PayPal services

FI

Published

on

By

Minister of Economic Development and Trade Mohamed Saeed has revealed plans to hold discussions with the American government during the month of July, aiming to bolstering PayPal services in the Maldives and resolve the various challenges individuals encounter in accessing these services.

PayPal is an e-wallet or an application designed to facilitate the transfer of money online. Despite the application being utilised by several Maldivians, they have faced issues in obtaining all the services PayPal offers. As such, Maldivians using PayPal are restricted solely to outbound fund transfers, with no provision for inbound transactions.

Highlighting the commitment of President Dr. Muizzu to expanding online financial transaction avenues, Minister Saeed underscored ongoing efforts to introduce diverse e-wallet services nationwide. Confirming a scheduled official trip to the United States on July 10, the minister revealed intentions to confer with potential digital wallet providers from America. He ensured that the discussions will pertain to address the issues and challenged faced by e-wallet users in the Maldives.

Furthermore, Minister Saeed affirmed that that discussions will extend to establishing agreements with prominent digital wallet entities such as PayPal, Google Pay, and Apple Pay, with a view to enhancing the seamless facilitation of online financial transactions.

In addition to the e-wallets from America, efforts are underway by the government to introduce digital wallets from other countries. Under these initiatives, the Bank of Maldives (BML) has made arrangements such that dollar transactions from foreign platforms and e-wallet services are available since March 31. Among the e-wallets that were made available, WeChat Pay, a popular Chinese e-wallet that facilitates online financial transactions, was also included. Previously, BML halted these services following the COVID-19 pandemic, aiming to prevent the outflow of foreign currency from the nation.

Source(s): PsmNews

Continue Reading

Business

India proposes Free Trade Agreement with Maldives

FI

Published

on

By

Minister of Economic Development and Trade Mohamed Saeed on Saturday announced Indian government’s proposal for a Free Trade Agreement (FTA) between the two countries.

At the press conference held by the Ministry of Economic Development on Saturday to highlight the achievements and initiatives of the state body in the last six months, Minister Saeed said India has expressed interest for a Free Trade Agreement with the Maldives besides a SAFTA.

“President of the Maldives has extended the opportunity to the international community” Saeed commented.

Despite revealing Indian’s proposal for an FTA, Saeed did not disclose further information of the high-level discussion meeting between him and the Indian High Commissioner to the Maldives Munu Mahawar.

The two had discussed on further strengthening the cooperative ties of both nations in multiple areas.

The South Asian Free Trade Area (SAFTA) is the free trade arrangement of the South Asian Association for Regional Cooperation (SAARC).

The agreement came into force in 2006, succeeding the 1993 SAARC Preferential Trading Agreement. SAFTA signatory countries are Afghanistan, Bangladesh, Bhutan, India, Nepal, Pakistan, Sri Lanka, and the Maldives.

Under the SAFTA agreement, export duties on Maldives fish products to India were quashed in 2022.

Earlier, during former President Abdulla Yameen Abdul Gayoom’s administration, Maldives government entered into a Free Trade Agreement with China. However, Yameen’s successor, former President Ibrahim Mohamed Solih had criticized the agreement and announced his administration would not honor due to its particulars.

The Maldives-China Free Trade Agreement breathed new life after Dr. Mohamed Muizzu took charge as Maldives President in November 2023. The incumbent President said the agreement was a symbol of strong relations between the Maldives and China, adding his administration was ready to continue honoring the agreement.

While India has expressed interested for an FTA with the Maldives, the relations between the two countries soured earlier after three high-ranking Maldivian officials made derogatory remarks against Indian Prime Minister Narendra Modi.

Moreover, President Dr. Muizzu has been labeled as “pro-China” in several Indian media outlets, but the Maldives head of state had later responded to the claims stating he is “pro-Maldives”.

Source(s): sun.mv

Continue Reading

Trending