Daily Dash: Australia's Financial Markets Infrastructure Bill Passes First Reading

April 2, 2024
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Australia has passed a key financial markets infrastructure bill, and India’s UPI has gone live in Nepal, creating another bilateral payments linkage for the real-time payments system.

Australia's Financial Markets Infrastructure Bill Passes First Reading

The Financial Markets Infrastructure Bill has passed its first reading in the Australian House of Representatives.

The bill establishes a crisis management regime for financial market infrastructure licensees (FMIs) in Australia and contains provisions that allocate powers to the Reserve Bank of Australia (RBA) to resolve crises in FMIs.

These include new powers to appoint a statutory manager and to take on other managerial functions of licensees.

The bill also provides crisis mitigation powers to the RBA, such as new powers to direct FMIs to reduce systemic risk and to require FMIs to submit situation reports and compliance reports.

Further, it imposes sustainability requirements on FMIs, including an obligation to produce a sustainability report.

The Australian Treasury first launched a consultation on proposals to reform the financial market infrastructure in December last year. 

India’s UPI Is Now Accepted In Nepal

The international arm of the National Payments Corporation of India (NPCI) has announced that UPI payments in Nepal are now live.

UPI has launched in Nepal through a partnership between the NPCI and Fonepay Payment Service, Nepal’s largest payment network.

The partnership will allow Indian citizens to make QR code-based person-to-merchant (P2M) transactions in Nepal wherever Fonepay is accepted.

Likewise, Nepalese visitors to India will be able to make P2M transactions using Fonepay wherever UPI is accepted.

As covered by Vixio, the expansion of UPI to Nepal follows similar launches in Sri Lanka and Mauritius, which took place in February this year.

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