The National Reserve Bank of Tonga has opened a call for public and stakeholder feedback on its proposed Payment System and Services Bill 2025, which would provide the legal basis for digital and new real-time payment and settlement systems and strengthen the central bank’s oversight framework. The Bill sets out the Reserve Bank’s powers and duties, expanding on provisions in Section 43A of the NRBT Act, and allows for the establishment of a National Payment System Advisory Committee to advise on oversight and regulation. It introduces a licensing and oversight regime for innovative payment service providers aimed at supporting universal access, and includes participant and customer protections such as clearing and settlement finality, collateral requirements to protect systems against member insolvency, prudential standards on segregation and protection of deposits, and safeguards for consumer data and privacy. Requirements would also apply to the issuance of electronic money, including valuation, permitted uses, and reporting, alongside administrative penalties and other remedies to support enforcement. Feedback is requested in writing or by email via the Reserve Bank’s designated contact, with the Bill available on the NRBT website.
National Reserve Bank of Tonga 2025-08-15
National Reserve Bank of Tonga calls for feedback on Payment System and Services Bill 2025 to regulate real-time digital payments and e-money
The National Reserve Bank of Tonga seeks feedback on the proposed Payment System and Services Bill 2025, aiming to establish a legal framework for digital and real-time payment systems and enhance the central bank's oversight. The Bill outlines the Reserve Bank's expanded powers, introduces a licensing regime for payment service providers, and includes protections for participants and consumers, with feedback due via designated channels.