Regulatory AlertsMoldova: fintech & payments regulation
RegulatedNBM regulates fintech under Law 114/2012; licensing required for payments and e-money
- Lead regulator
- National Bank of Moldova
- Core law
- Law No. 114/2012 on Payment Services and Electronic Money
- Entry capital
- MDL 200,000 (Payment Institution)
- Approval timeline
- 3-6 months
- Customer assets
- Segregated accounts required
- Data protection
- Law No. 133/2011 · NCDPL
- Sandbox
- No
The National Bank of Moldova (NBM) is the sole supervisor for payment institutions and electronic money institutions. The regime is governed by Law No. 114/2012 and detailed in NBM regulations effective January 2024. The framework mandates strict licensing for payment processing and e-money issuance, with capital requirements scaling by activity type. Recent updates have standardized technical interfaces and audit requirements.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | LicencePayment Institution[1][2] Requires NBM license under Law 114/2012 | MDL 200,000 | 3-6 months | National Bank of Moldova |
| E-money & wallet issuance | LicenceElectronic Money Institution[1][2] Requires NBM license under Law 114/2012 | MDL 200,000 | 3-6 months | National Bank of Moldova |
| Domestic money transfer | LicencePayment Institution[1][2] Domestic transfers fall under payment services | MDL 200,000 | 3-6 months | National Bank of Moldova |
| Cross-border remittance | LicencePayment Institution[1][2] Cross-border payments require NBM license | MDL 200,000 | 3-6 months | National Bank of Moldova |
| Agent network | LicencePayment Institution[1][2] Agents must be appointed by licensed entity | MDL 200,000 | 3-6 months | National Bank of Moldova |
| Open banking / account information | LicencePayment Institution[3][4] AIS/PIS requires payment service license | MDL 200,000 | 3-6 months | National Bank of Moldova |
| Foreign-exchange services | LicenceForeign Exchange Entity[5][6] Separate FX licensing regime applies | uncertain | uncertain | National Bank of Moldova |
New — what changed recently
- 2026-03-20Decision No. 33 — Approved functional and technical requirements for account servicing payment service provider interfaces.
- 2025-07-17Decision No. 162 — Established comprehensive supervisory requirements and risk-based control procedures for non-bank payment service providers.
- 2024-01-25Decision No. 11 — Approved new regulations on licensing and registration of payment and electronic money institutions, repealing previous rules.
Market-entry checklist
- 1Secure NBM LicenseApply for Payment Institution or EMI license under Law 114/2012.
- 2Meet Capital RequirementDeposit minimum MDL 200,000 in a blocked bank account.
- 3Implement AML/CFTEstablish internal controls and risk assessment procedures per NBM Decision 202.
- 4Prepare Technical SystemsEnsure compliance with Decision No. 12 on Strong Customer Authentication.
- 5Submit Audit ReportsArrange for annual audits by NBM-approved audit firms.
Sources
- Regulation on the Activity of Non-Bank Payment Service Providers · 2024-01-11
- Regulation on the Activity of Non-Bank Payment Service Providers · 2024-01-11
- Decision No. 33 of the National Bank of Moldova on the Approval of Functional and Technical Requirements for Account Servicing Payment Service Provider Interfaces · 2026-06-25
- Decision No 12 Approving the Regulation on Strong Customer Authentication and Open, Common, and Secure Communication Standards · 2024-01-11
- Regulation on the Supervision of Foreign Exchange Entities · 2025-07-17
- Regulation on the Activity of Foreign Exchange Entities · 2016-12-01