Fiji: Parliament passes National Payment System Act 2021
The Parliament of the Republic of Fiji passed, on 12 February 2021, the National Payment System Act 2021, which had been first introduced to Parliament in December 2020. In particular, the Act aims to empower the Reserve Bank of Fiji to develop and implement a national payment system framework to regulate payment service providers operating wholly or partially in Fiji. More specifically, the Act seeks to promote the stability, safety, efficiency, and competitiveness of the financial system, while also ensuring the effective protection of the users of payment services.
To this end, the Act requires payment service providers to apply for a licence with the Reserve Bank and to fulfil a number of obligations, such as establishing internal rules of governance and only disclosing personal information under strict conditions. Furthermore, it also provides for the establishment of a National Payment System Council that will advise the Reserve Bank on the regulation, oversight, and supervision of the payment system, including operational and technical standards. Notably, the Reserve Bank is authorised to, among other things, issue directives, approve outsourcing of functions, require participants to retain all records for at least seven years via electronic means, and take administrative action in case of non-compliance.
Finally, the Act will come into force on the date(s) appointed by the Minister for Finance by notice in the Gazette.
You can read the Act here.