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Take a look at this magnificent multicoloured new species of fish discovered in the Maldives.

The newly named Rose-Veiled Fairy Wrasse (Cirrhilabrus finifenmaa) spent decades being mis-identified as a different species of fish, called the Red Velvet Fairy Wrasse, until a recent research trip helped scientists to identify the differences.

The Rose-Veiled Fairy Wrasse lives in the super deep coral reefs, also known as the twilight reefs, in the Maldives.

Scientists from California Academy of Sciences, the University of Sydney, the Maldives Marine Research Institute (MMRI), and the Field Museum all worked together on the discovery as part of a project to better understand and protect the world's coral reefs.

The new species is the first to be named by a Maldivian researcher, despite the fact that the country is home to more than 1,100 species of fish.

It's scientific name: Cirrhilabrus finifenmaa comes from the local Dhivehi language, 'finifenmaa' meaning 'rose', because of its pink colours and the national flower of the Maldives.

"It has always been foreign scientists who have described species found in the Maldives, without much involvement from local scientists," said Ahmed Najeeb, a biologist at the Maldives Marine Research Institute.

"This time it is different, and getting to be part of something for the first time has been really exciting."

Despite only just being identified, the researchers are worried that the Rose-Veiled Fairy Wrasse is already at risk of being taken and sold through the aquarium trade.

"Though the species is quite abundant and therefore not currently at a high risk of overexploitation, it's still unsettling when a fish is already being commercialized before it even has a scientific name," says Academy Curator Luiz Rocha, PhD.

As well as the Rose-Veiled Fairy Wrasse researchers also collected specimens from eight more newly discovered species as part of their research mission, that are still waiting to be identified.