Regulatory Alerts2021-02-17
National Payment System Act 2021
The Reserve Bank of Fiji issued the National Payment System Act 2021 to establish a comprehensive regulatory framework for the oversight and supervision of the national payment system. The legislation mandates licensing for all payment service providers and system operators while empowering the Reserve Bank to enforce standards, manage systemic risks, and ensure financial stability. It further creates the National Payment System Council to advise on policy and sets specific rules for settlement finality, electronic funds transfers, and the dematerialization of securities.
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