Moldova: fintech & payments regulation

Who regulates

• National Bank of Moldova

  Primary supervisor for non-bank payment service providers, banks, and foreign exchange entities; approves licensing and technical standards.

  ^[1][2][3]

• National Commission for Financial Markets of Moldova

  Supervises licensing and registration of insurance and reinsurance undertakings and brokers.

  ^[4][5]

Core laws & rules

• Law No. 114/2012 on payment services and electronic money (2012)

  The core legislative framework governing payment institutions, electronic money institutions, and notification-based exemptions for limited-range services.

  ^[2][6]

• Regulation on the Activity of Non-Bank Payment Service Providers (2024)

  Establishes licensing, operational standards, prudential requirements, and capital thresholds for non-bank payment service providers.

  ^[7][8]

• Regulation on Strong Customer Authentication and Secure Communication Standards (2024)

  Transposes EU technical standards to mandate Strong Customer Authentication (SCA) and secure open communication protocols for payment service providers.

  ^[9][10]

Licensing & registration

• Payment Institution / Electronic Money Institution

  Mandatory licensing required for entities providing payment services or issuing electronic money. The NBM regulates authorization criteria, operational requirements, and supervisory oversight.

  ^[11][7]

• Notification (Limited Range/Network)

  Entities providing payment services or e-money within a limited network or limited range of goods/services may operate under a notification regime rather than full licensing, subject to volume and scope restrictions.

  ^[6][2]

• Foreign Exchange Entity

  Licensing required for foreign exchange offices and hotels providing exchange services, involving electronic application submission and strict compliance with reporting standards.

  ^[12][13]

Restrictions & warnings

• Non-bank payment service providers are subject to strict AML/CFT requirements, including customer due diligence, record-keeping, and risk assessment procedures.

  ^[14][15]

• Credit granting by non-bank payment service providers is restricted; credits must be ancillary to payment transactions and repaid within 12 months, requiring specific licensing and internal procedure approval.

  ^[16][17]

• Acquisition, increase, or transfer of qualifying holdings in non-bank payment service providers requires prior regulatory authorization and continuous compliance monitoring.

  ^[18][19]

Direction of travel

• The regulatory framework is actively evolving with recent updates to technical standards (APIs, SCA), reporting requirements (ORD 5.22), and supervisory audit procedures, indicating a trend towards greater operational transparency and alignment with international best practices.

  ^[20][21][22]

Sources

1. Regulation on the supervision of non-bank payment service providers · 2025-07-17
2. Regulation on Notification of Payment Services and Electronic Money Activities under Law No. 114/2012 · 2012-01-01
3. Regulation on the Activity of Foreign Exchange Entities · 2016-12-01
4. Regulation on the Licensing of Insurance and Reinsurance Brokers (Decision No 34/15/2023) · 2026-06-25
5. Regulation on the licensing of the insurance and/or reinsurance broker · 2023-08-07
6. Regulation on the notification of activities referred to in Art. 2 para. (2) item 11) lett. a) and b) of Law No. 114/2012 on payment services and electronic money · 2024-07-09
7. Regulation on the Activity of Non-Bank Payment Service Providers · 2024-01-11
8. Regulation on the Activity of Non-Bank Payment Service Providers · 2024-01-11
9. Decision No 12 Approving the Regulation on Strong Customer Authentication and Open, Common, and Secure Communication Standards · 2024-01-11
10. Regulation on Strong Customer Authentication and Secure Communication Standards for Payment Service Providers · 2024-01-11
11. Regulation on Licensing and Registration of Payment Institutions, Electronic Money Institutions and Postal Service Providers · 2024-01-11
12. Regulation on licensing of foreign exchange entities approved by Decision No 304 of the National Bank of Moldova · 2016-11-10
13. Regulation on the Supervision of Foreign Exchange Entities · 2025-07-17
14. Regulation on Requirements for Prevention and Combating Money Laundering and Terrorism Financing in Non-Bank Payment Services (Decision No. 202 of 9 August 2018) · 2018-08-09
15. Regulation on AML/CFT Requirements for Non-Bank Payment Services Providers · 2018-08-09
16. Regulation on the Credit Activity of Non-Bank Payment Service Providers · 2019-06-05
17. Regulation on the credit activity of non-bank payment service providers · 2019-06-05
18. Regulation on holdings in non-bank payment service providers No. 9 from 11.01.2024 · 2024-01-11
19. Regulation on Holdings in Non-Bank Payment Service Providers · 2024-01-11
20. 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
21. Decision No 229 Amending Credit Transfer and Audit Firm Approval Requirements · 2025-10-02
22. Regulation on the Audit of Non-Bank Payment Service Providers · 2024-10-31