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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Main Author:	World Bank Group
Format:	Report
Language:	English
Published:	World Bank, Washington, DC 2019
Subjects:	PAYMENT AND SETTLEMENT SYSTEM SYSTEMIC RISK FINANCIAL OVERSIGHT INTERNATIONAL FINANCIAL STANDARDS REGULATION FINANCIAL SUPERVISION
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

id	okr-10986-32616
recordtype	oai_dc
spelling	okr-10986-326162021-05-25T09:28:56Z The National Payment Systems Oversight Framework for the Maldives Monetary Authority World Bank Group PAYMENT AND SETTLEMENT SYSTEM SYSTEMIC RISK FINANCIAL OVERSIGHT INTERNATIONAL FINANCIAL STANDARDS REGULATION FINANCIAL SUPERVISION 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. 2019-10-23T20:55:55Z 2019-10-23T20:55:55Z 2019-09 Report http://documents.worldbank.org/curated/en/986521571312012544/The-National-Payment-Systems-Oversight-Framework-for-the-Maldives-Monetary-Authority http://hdl.handle.net/10986/32616 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work South Asia Maldives
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	PAYMENT AND SETTLEMENT SYSTEM SYSTEMIC RISK FINANCIAL OVERSIGHT INTERNATIONAL FINANCIAL STANDARDS REGULATION FINANCIAL SUPERVISION
spellingShingle	PAYMENT AND SETTLEMENT SYSTEM SYSTEMIC RISK FINANCIAL OVERSIGHT INTERNATIONAL FINANCIAL STANDARDS REGULATION FINANCIAL SUPERVISION World Bank Group The National Payment Systems Oversight Framework for the Maldives Monetary Authority
geographic_facet	South Asia Maldives
description	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.
format	Report
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	The National Payment Systems Oversight Framework for the Maldives Monetary Authority
title_short	The National Payment Systems Oversight Framework for the Maldives Monetary Authority
title_full	The National Payment Systems Oversight Framework for the Maldives Monetary Authority
title_fullStr	The National Payment Systems Oversight Framework for the Maldives Monetary Authority
title_full_unstemmed	The National Payment Systems Oversight Framework for the Maldives Monetary Authority
title_sort	national payment systems oversight framework for the maldives monetary authority
publisher	World Bank, Washington, DC
publishDate	2019
url	http://documents.worldbank.org/curated/en/986521571312012544/The-National-Payment-Systems-Oversight-Framework-for-the-Maldives-Monetary-Authority http://hdl.handle.net/10986/32616
_version_	1764476926513119232

The National Payment Systems Oversight Framework for the Maldives Monetary Authority

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