The National Payment Systems Oversight Framework for the Maldives Monetary Authority
This report aims at assisting Maldives Monetary Authority (MMA) to establish an effective oversight framework to monitor the different payment and settlement systems, payment instruments and payment service providers in the Maldives. The framework...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/986521571312012544/The-National-Payment-Systems-Oversight-Framework-for-the-Maldives-Monetary-Authority http://hdl.handle.net/10986/32616 |
| Summary: | This report aims at assisting Maldives
Monetary Authority (MMA) to establish an effective oversight
framework to monitor the different payment and settlement
systems, payment instruments and payment service providers
in the Maldives. The framework for oversight is based on the
Bank for International Settlement-International Organization
of Securities Commissions (BIS-IOSCO) 24 principles and
analyzing the payments development in the Maldives, while
emphasizing the importance of overseeing several critical
aspects of payment systems which are not within the radar of
the present oversight unit. The BIS-IOSCO principles that
are specifically on oversight function are set out in
section one. Section two discusses the background and the
present payment landscape, legal status, and critically
review the present oversight arrangement by MMA, its mandate
and suggest areas of improvement for an improved and
effective oversight function. Section three outlines the
present and future challenges for payment and settlement
oversight unit (PSSOU) and provides guidelines to overcome
some of the challenges. Section four sets out
recommendations to be adopted by PSSOU and section five
articulates the most urgent tasks that should be undertaken
by PSSOU and MMA to ensure an effective oversight on the
national payments system (NPS) in the Maldives. |
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