Maldives Transport and Contracting Company MTCC has today signed a Memorandum of Understanding (MOU) with the Bank of Maldives and Mastercard to implement integrated transport management and an automatic fare collection system for the public transport services.
CEO of MTCC Adam Azim signed the MOU on behalf of the company while CEO and Managing Director of BML Tim Sawyer signed on behalf of the bank at a ceremony held today.
Speaking on the MOU Azim said that MTCC was delighted to partner with BML and Mastercard to provide even more convenience to our customers.
Meanwhile, BML CEO and Managing Director Tim Sawyer said that Investing in innovative solutions that offer simplicity and convenience while meeting the changing customer expectations remains an important part of the bank's business.
He said that BML was happy to partner with Mastercard and MTCC to implement this project which will see its digital card and mobile payment solutions enabled for the public transport sector.
MTCC said that the project is part of Mastercard’s ‘Smart Cities initiative to introduce urban mobility solutions to transform the transport experience in cities.
MTCC also said that as part of this, contactless and digital payments will be introduced on the bus and ferry network, making traveling simpler for commuters and cost-effective service providers.