The Central Bank of Cyprus held meetings with technocrats from the central banks of Lithuania and the Netherlands to exchange know-how, experience and good practices on supervising electronic money institutions and payment institutions, as part of its programme to strengthen oversight of the sector. The exchanges follow similar meetings with the Central Bank of Ireland and sit alongside a comprehensive licensing and supervisory strategy developed after an international firm, working with Central Bank of Cyprus executives, analysed the sector and its inherent risks. The strategy includes enhanced licensing procedures for applicants, a supervisory approach based on an institution-specific risk indicator, and expanded supervisory tools and best practices. A dedicated Directorate for the Supervision of Electronic Money and Payment Institutions has been created to undertake prudential supervision, and the Central Bank of Cyprus currently supervises 30 electronic money institutions and 11 payment institutions.
Central Bank of Cyprus 2025-06-13
Central Bank of Cyprus strengthens supervision of electronic money and payment institutions with a new risk-based strategy and peer exchanges
The Central Bank of Cyprus is enhancing oversight of electronic money and payment institutions by meeting with central banks from Lithuania and the Netherlands to exchange supervisory practices. This initiative, developed with international consultancy, includes improved licensing procedures, risk-based supervision, and expanded supervisory tools. A dedicated Directorate oversees 30 electronic money institutions and 11 payment institutions.