Enhancements to the regulatory and supervisory framework for the Reserve Bank of Fiji

• Sep 11, 2025
• 1 min

The Reserve Bank of Fiji (RBF) is Fiji’s central bank. It works to enhance the resilience, efficiency, and inclusiveness of Fiji’s payment system and support the broader goals of financial stability and economic development. MSC was onboarded to provide the RBF with the expertise to review, update, and strengthen the regulatory and supervisory framework that governed Fiji’s payment system industry.

MSC supported the RBF in the following areas:

1. Preparation of licensing requirements: We developed clear and comprehensive licensing requirements for payment system operators (PSOs), payment initiation services (PIS), and account issuance services (AIS). We also drafted guidelines for ongoing compliance and renewal, which emphasized integrity and operational standards.

2. Development of payment system supervisory framework: MSC created a supervisory framework, which included offsite monitoring with quantitative benchmarks and onsite inspections.

3. Development of regulations and supervision policy statements: We outlined a guide to draft regulations and policy statements that define the standards and expectations for the operation and supervision of PSOs and PSPs. The RBF would use the feedback to revise its licensing and supervisory manuals. The assignment was expected to align the regulations in Fiji with global standards.

The Asian Development Bank (ADB) commissioned the project.