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India Contracted To Build 'UPI-Like' Payment System In Trinidad And Tobago
The international arm of the National Payments Corporation of India (NPCI) has signed an agreement to develop a “UPI-like” instant payments system for Trinidad and Tobago.
The deal between NPCI International and the Ministry of Digital Transformation is the first of its kind, and will bring India’s expertise in real-time payments to the Caribbean nation.
The partnership aims to empower Trinidad and Tobago to establish a reliable and efficient real-time payments platform for both person-to-person (P2P) and person-to-merchant (P2M) transactions.
“By leveraging technology and experiences from India’s UPI, the partnership seeks to assist Trinidad and Tobago in modernising its financial ecosystem,” said the NPCI.
“This involves enhancing accessibility, affordability, connectivity with domestic and international payment networks and ensuring interoperability.”
The news follows a similar announcement from NPCI International and Peru, whose central bank, in June this year, became the first in South America to partner with India to develop an instant payments system.
India, Philippines Joint Working Group On Fintech Goes Live
The Philippines Department of Finance (DOF) has announced that it led the first meeting of a joint working group (JWG) on fintech issues with the Indian government in New Delhi.
During the meeting, the JWG discussed initiatives and best practices to enhance the regulatory framework and digital infrastructure for fintech firms in the Philippines.
According to the DOF, the discussions opened up opportunities for greater innovation and cooperation in areas such as digital payments and blockchain technology.
The Philippine delegation was joined by representatives from the Department of Foreign Affairs, the National Economic and Development Authority, the Securities and Exchange Commission and the Insurance Commission.
Meanwhile, the Indian delegation was led by the Ministry of Finance and was joined by representatives from the Reserve Bank of India, the Ministry of Electronics and Information Technology, the Securities and Exchange Board of India and other agencies.
The JWG is the product of a memorandum of understanding on bilateral cooperation that was signed between the two governments in June 2023.
Lithuania And Netherlands Move Towards Instant Payments Regulation
Both Lithuania and the Netherlands have made moves regarding the implementation of the EU’s Instant Payments Regulation (IPR).
In Lithuania, the government has proposed amendments to the Settlement Finality in Payment and Securities Settlement Systems Law, which would allow payment institutions (PIs) and e-money institutions (EMIs) to directly participate in payment systems without intermediaries. Additionally, the amendments would remove existing restrictions on system operators, aligning the law with European regulations on instant credit transfers.
Meanwhile, the Dutch government has launched a public consultation on the “Implementing Act and Implementing Decree on the Regulation on Instant Transfers”.
This initiative is part of the process of enacting the IPR in national law, and interested parties have until October 20, 2024 to provide feedback on the draft legislation through the ministry's consultation forum.
Sweden's FIU Warns Of Crypto Market's Role In Money Laundering
The Swedish Police Authority’s Financial Intelligence Unit (FIU Sweden) has released a new report highlighting the growing threat of unlicensed crypto exchange providers acting as professional money launderers (PMLs).
According to the report, these individuals are key players in converting criminal proceeds into cryptocurrencies or vice versa, facilitating money laundering for organised crime.
The report identifies four main subgroups of illicit crypto providers, ranging from those deeply embedded in criminal networks to those openly operating on peer-to-peer platforms, with FIU Sweden warning that these providers are difficult to detect and disrupt, presenting significant challenges for law enforcement.
To combat this issue, the report calls for enhanced supervision and monitoring, urging the Swedish Financial Supervisory Authority (FSA) to strengthen regulations on unlicensed providers. Banks and legitimate crypto platforms are also encouraged to remain vigilant against suspicious activities.
