Ooredoo Maldives and State Electric Company Ltd, (STELCO) has signed the MOU to begin the Ooredoo Maldives Mobile Money service. Ooredoo Maldives CEO Vikram Singh and STELCO Managing Director Abdu Shukoor Salih signed the agreement on behalf of their respective companies. Speaking about the service CEO Vikram Singh said the service will facilitate payments through mobile phones via the mobile wallet service. He said that Ooredoo had started the service to provide a convenient platform for their customers. He added that additional service upgrades to the service will be provided through this platform. User can conveniently deposit, withdraw, send, recharge prepaid accounts and carry out business transactions using the “Mwallet” service, a virtual wallet. STELCO Managing Director Shukoor said using mobile money services, customers can now pay their electricity bills. “We thank Ooredoo management for their initiative in providing a convenient service to the public,” Shukoor said. Ooredoo Mobile is provided with the assistance of Maldives Islamic Bank, with a start up budget of US$ 1.6 million.