Regulatory Alerts2025-01-01
Circular No. 1 Pilot Testing of FDID & eKYC Payment Project Phases – 2025
The Palestine Monetary Authority issued Circular No. 1 requiring all payment service companies in Palestine to conduct pilot testing of their FDID & eKYC project phases between 2 and 6 February 2025. The directive mandates verification across five operational stages, including digital identity registration and linking, wallet login, transfer authentication, existing customer data updates, and new wallet creation. Companies must instruct relevant personnel to comply with the revised schedule to ensure timely project completion by the end of Q1 2025.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. ( / 2025) To all payment service companies operating in Palestine Date: Sunday, 12 January 2025
Subject: Pilot Testing of FDID & eKYC Project Phases
In preparation for the Digital Financial Identity and Electronic Know Your Customer (FDID & eKYC) project, scheduled for launch at the end of Q1 2025, and specifically regarding the readiness of the phases listed below, and in light of some companies' lack of readiness, new dates have been set for conducting the pilot testing to verify the completion level of the aforementioned phases, effective from Sunday, 02/02/2025 to Thursday, 06/02/2025.
Phases to be tested:
- Registration of the Digital Financial Identity and linking it with customer accounts via the e-wallet application
- Login using the Digital Financial Identity to access the e-wallet application
- Customer authentication of transfers using the Digital Financial Identity
- Updating existing customer data services using the Digital Financial Identity
- Opening/creating e-wallets for new customers using the Digital Financial Identity
Accordingly, you are requested to instruct relevant personnel to comply with the new testing schedule. We hope for your cooperation in successfully completing this phase, enabling us to finalize the project on time.
For any inquiries, please contact the email addresses below: fdid.ekyc@pma.ps & malagha@pma.ps
Supervision Group Palestine Monetary Authority