Financial technology: laws, standards and reference sources
The laws, international standards, payment systems, technical standards and public data that frame payments, electronic money, open finance and digital identity, each with its date, its status and its primary source.
This page lists the main texts and sources that frame financial technology on 9 October 2026: payments, electronic money, open banking and open finance, instant payments, anti-money laundering and digital identity. It covers the European Union, the international standards, the United Arab Emirates, the Asian jurisdictions where My NEO Group is present, the central bank digital currency projects, the technical standards and the public data sources. Each entry gives the official name, the date, the status and a link to the primary source. Crypto-assets and virtual assets are not covered on this page.
2026 edition, reviewed 109 primary sources in 7 groups
Declaration of interest
My NEO Group works in financial technology through NEO ONE, Banca NEO and NEO PayTech Solutions, three brands operated by NEO CAPITAL TRUST. Regulated services are provided by licensed partners, in the jurisdictions where they are authorised. This page is published by My NEO Group as a reference. It is not legal or financial advice. It does not assess any product or any company against the texts listed.
What the law calls electronic money, open banking and strong authentication
The Electronic Money Directive of the European Union defines electronic money in Article 2: monetary value that is stored electronically, represents a claim on the issuer, is issued on receipt of funds to make payment transactions, and is accepted by persons other than the issuer.
The Payment Services Directive (PSD2) defines in Article 4 the two services usually grouped under the name open banking. A payment initiation service initiates a payment order, at the request of the user, from a payment account held with another payment service provider. An account information service is an online service that gives consolidated information on payment accounts held with other payment service providers. The Open Finance Regulation of the Central Bank of the UAE defines open finance services as data sharing and service initiation.
PSD2 also defines strong customer authentication: an authentication based on two or more independent elements among knowledge, which is something only the user knows, possession, which is something only the user has, and inherence, which is something the user is.
Electronic Money Directive, Article 2PSD2, Article 4Open Finance Regulation of the Central Bank of the UAEGlossary: names and terms, each with one definition
European Union
The European Union frames payments, electronic money, instant credit transfers, anti-money laundering, digital resilience and digital identity through directives and regulations. The revision of its payment services rules was agreed politically in November 2025 and is not yet adopted.
| Text or source | Type | Date | Status |
|---|---|---|---|
| Payment Services Directive (PSD2) - Directive (EU) 2015/2366Directive of 25 November 2015 on payment services in the internal market. Member States had to transpose it by 13 January 2018, and its rules have applied since that date. It covers payment initiation services and account information services, and it requires strong customer authentication.Primary sourceEuropean Union# | Law | In force | |
| Third Payment Services Directive (PSD3) and Payment Services Regulation (PSR) - proposals COM(2023) 366 and COM(2023) 367Two proposals published by the European Commission on 28 June 2023 to replace PSD2 and the Electronic Money Directive. The European Commission records a political agreement between the European Parliament and the Council on 27 November 2025, and the Parliament committee approved the agreed text on 5 May 2026. On the date of this edition, the Legislative Observatory of the European Parliament showed no final act and no Official Journal reference.Primary sourceEuropean Union# | Law | Agreed, not yet adopted | |
| Electronic Money Directive - Directive 2009/110/ECDirective of 16 September 2009 on the business of electronic money institutions. Member States had to transpose it by 30 April 2011. The proposed PSD3 would repeal it.Primary sourceEuropean Union# | Law | In force | |
| SEPA Regulation - Regulation (EU) No 260/2012Regulation of 14 March 2012 that sets technical and business requirements for credit transfers and direct debits in euro. Its technical requirements have applied since 1 February 2014. The Instant Payments Regulation added Articles 5a to 5d to it in 2024.Primary sourceEuropean Union# | Law | In force | |
| Instant Payments Regulation - Regulation (EU) 2024/886Regulation of 13 March 2024 on instant credit transfers in euro, published in the Official Journal on 19 March 2024. It sets the dates by which payment service providers must receive and send instant credit transfers in euro, charge no more for them than for other credit transfers, and verify the payee. It applies in stages, set out in the timeline below.Primary sourceEuropean Union# | Law | In force, applies in stages | |
| Strong customer authentication standards - Commission Delegated Regulation (EU) 2018/389Regulatory technical standards of 27 November 2017 that supplement PSD2 on strong customer authentication and on common and secure open standards of communication. They have applied since 14 September 2019.Primary sourceEuropean Union# | Regulation | In force | |
| Interchange Fee Regulation - Regulation (EU) 2015/751Regulation of 29 April 2015 on interchange fees for card-based payment transactions. It caps the interchange fee at 0.2% of the value of the transaction for consumer debit cards and at 0.3% for consumer credit cards. The caps have applied since 9 December 2015.Primary sourceEuropean Union# | Law | In force | |
| Digital Operational Resilience Act (DORA) - Regulation (EU) 2022/2554Regulation of 14 December 2022 on digital operational resilience for the financial sector. It entered into force on 16 January 2023 and has applied since 17 January 2025. Its scope includes payment institutions and electronic money institutions. On 18 November 2025 the European Supervisory Authorities designated 19 critical providers of information and communication technology services.Primary sourceEuropean Union# | Law | In force | |
| Anti-Money Laundering Regulation - Regulation (EU) 2024/1624Regulation of 31 May 2024 on preventing the use of the financial system for money laundering or terrorist financing, published in the Official Journal on 19 June 2024. It applies from 10 July 2027. It limits cash payments for goods and services to EUR 10,000.Primary sourceEuropean Union# | Law | Adopted, not yet applicable | |
| Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) - Regulation (EU) 2024/1620Authority of the European Union established by a regulation of 31 May 2024, with its seat in Frankfurt am Main. On 1 January 2026 the European Banking Authority completed the transfer of its anti-money laundering mandates to AMLA. AMLA states that it will select up to 40 entities or groups for direct supervision from July 2027 and that direct supervision starts in 2028.Primary sourceEuropean Union# | Public body | Active | |
| Transfer of Funds Regulation - Regulation (EU) 2023/1113Regulation of 31 May 2023 on the information that accompanies transfers of funds and of certain crypto-assets. It has applied since 30 December 2024, the date on which it repealed Regulation (EU) 2015/847.Primary sourceEuropean Union# | Law | In force | |
| European Digital Identity Framework - Regulation (EU) 2024/1183Regulation of 11 April 2024 that amends the eIDAS Regulation and creates the European Digital Identity Wallet. It entered into force on 20 May 2024. The European Commission states that Member States must offer wallets by the end of 2026. Private parties that must use strong user authentication, including in banking and financial services, must accept the wallet within 36 months of the implementing acts, at the voluntary request of the user.Primary sourceEuropean Union# | Law | In force, applies in stages | |
| Framework for Financial Data Access (FiDA) - proposal COM(2023) 360Proposal for a regulation on access to financial data, published by the European Commission on 28 June 2023. The Council agreed its position on 4 December 2024. On the date of this edition, the Legislative Observatory of the European Parliament showed no final act and no event after 18 December 2024.Primary sourceEuropean Union# | Law | Proposal | |
| Consumer Credit Directive - Directive (EU) 2023/2225Directive of 18 October 2023 on credit agreements for consumers. Member States had to transpose it by 20 November 2025, and its rules apply from 20 November 2026, when Directive 2008/48/EC is repealed. Its recitals bring buy now, pay later schemes into its scope.Primary sourceEuropean Union# | Law | Adopted, not yet applicable | |
| SEPA Instant Credit Transfer scheme (SCT Inst)Payment scheme of the European Payments Council, live since 21 November 2017. Its 2025 rulebook has been in effect since 5 October 2025. The European Payments Council states that the scheme no longer sets a maximum amount per transaction.Primary sourceEuropean Payments Council# | Scheme | Live | |
| Verification Of Payee scheme (VOP)Scheme of the European Payments Council whose rulebook entered into force on 5 October 2025. It lets a payer check that the name and the IBAN of a payee match before a payment is made. Version 1.1 of the rulebook has been effective since 20 September 2026.Primary sourceEuropean Payments Council# | Scheme | Live | |
| TARGET Instant Payment Settlement (TIPS)Platform of the Eurosystem that settles instant payments in central bank money, at any time of the day and every day of the year. It went live on 30 November 2018. It settles in euro, Swedish krona and Danish krone, and it has offered a cross-currency service between these currencies since October 2025.Primary sourceEurosystem# | Payment system | Live |
Timeline of instant payments in euro
The table gives the dates set by the Instant Payments Regulation. The dates of 2025 have passed. The dates of 2027 concern the Member States outside the euro area, and the payment institutions and electronic money institutions.
- Payment service providers in the euro area must be able to receive instant credit transfers in euro, at a charge no higher than for other credit transfers.
- Payment service providers in the euro area must be able to send instant credit transfers in euro and must offer the verification of the payee.
- Payment service providers outside the euro area must be able to receive instant credit transfers in euro.
- Payment institutions and electronic money institutions in the euro area must be able to send and receive instant credit transfers in euro.
- Payment service providers outside the euro area must be able to send instant credit transfers in euro and must offer the verification of the payee.
International standards and programmes
Standards and programmes of international bodies on anti-money laundering, payment systems and cross-border payments. States and authorities put them into their own rules.
| Text or source | Type | Date | Status |
|---|---|---|---|
| The FATF RecommendationsInternational standards of the Financial Action Task Force on combating money laundering and the financing of terrorism and of proliferation. The 40 Recommendations were adopted on 16 February 2012 and are updated regularly. The page of the FATF gives June 2026 as the date of the last update.Primary sourceFinancial Action Task Force# | Recommendation | Current edition | |
| FATF Recommendation 16 on payment transparency, as revisedRevision published on 18 June 2025. It clarifies the responsibilities in the payment chain and standardises the information that accompanies cross-border payments between persons above USD or EUR 1,000. The FATF states that the changes come into effect by the end of 2030.Primary sourceFinancial Action Task Force# | Recommendation | Adopted, not yet applicable | |
| G20 Roadmap for Enhancing Cross-border Payments, and its targetsRoadmap of the Financial Stability Board, dated 13 October 2020, against four problems of cross-border payments: high cost, low speed, limited access and insufficient transparency. The targets of 13 October 2021 have a common date of end-2027: for example, a global average cost of retail payments of no more than 1%. The target for remittances, 3% for sending USD 200, keeps the date of 2030.Primary sourceG20 and Financial Stability Board# | Strategy | Active | |
| Recommendations for Regulating and Supervising Bank and Non-bank Payment Service Providers Offering Cross-border Payment ServicesFinal report of the Financial Stability Board dated 12 December 2024. Its recommendations aim to make the regulation and the supervision of banks and of non-banks that offer cross-border payment services more consistent.Primary sourceFinancial Stability Board# | Recommendation | Published | |
| Principles for financial market infrastructures (PFMI)International standards published on 16 April 2012. The Committee on Payments and Market Infrastructures presents them as issued by it and by the International Organization of Securities Commissions. The 24 principles apply to systemically important payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.Primary sourceCPMI and IOSCO# | Standard | Current edition | |
| Harmonised ISO 20022 data requirements for enhancing cross-border paymentsReport of the Committee on Payments and Market Infrastructures, in its updated edition of 26 February 2026. The first edition is dated 17 October 2023. The requirements leave room for adoption until the end of 2027.Primary sourceCommittee on Payments and Market Infrastructures# | Guideline | Current edition | |
| Nexus Global PaymentsOrganisation set up by central banks to link domestic instant payment systems through one connection. Its incorporation in Singapore was announced on 3 April 2025. It follows Project Nexus of the BIS Innovation Hub. The central banks of India, Indonesia, Malaysia, the Philippines, Singapore and Thailand take part, and the go-live is targeted for 2027.Primary sourceInternational# | Project | In development |
United Arab Emirates
The Central Bank of the UAE licenses and supervises payment services, stored value facilities, payment systems and open finance. The two financial free zones, the Dubai International Financial Centre and the Abu Dhabi Global Market, have their own regulators. My NEO Group has its headquarters in Dubai.
| Text or source | Type | Date | Status |
|---|---|---|---|
| Federal Decree by Law No. (6) of 2025 Regarding the Central Bank, Regulation of Financial Institutions and Activities, and Insurance BusinessFederal decree-law issued on 8 September 2025 and in force since 16 September 2025. It replaced the central bank law of 2018. Its list of the financial activities that need a licence from the Central Bank includes open finance services, and stored value, retail payment and digital money services.Primary sourceUnited Arab Emirates# | Law | In force | |
| Retail Payment Services and Card Schemes Regulation (Circular No. 15/2021)Regulation of the Central Bank of the UAE, in force since 6 June 2021. It lists nine retail payment services, among them payment account issuance, payment instrument issuance, merchant acquiring, payment aggregation, domestic and cross-border fund transfers and payment initiation, and it sets four licence categories. A card scheme that operates in the country needs a licence from the Central Bank.Primary sourceUnited Arab Emirates# | Regulation | In force | |
| Stored Value Facilities Regulation (Circular No. 6/2020)Regulation of the Central Bank of the UAE, in force since 30 October 2020. Issuing and operating a stored value facility requires a licence from the Central Bank, a paid-up capital of at least AED 15 million and the protection of the funds of customers. It does not cover the financial free zones.Primary sourceUnited Arab Emirates# | Regulation | In force | |
| Retail Payment Systems Regulation (Circular No. 10/2020)Regulation of the Central Bank of the UAE, in force since 10 February 2021. Operating a retail payment system requires a licence from the Central Bank, which may designate a system as systemically important. The regulation requires compliance with the Principles for financial market infrastructures.Primary sourceUnited Arab Emirates# | Regulation | In force | |
| Large Value Payment Systems Regulation (Circular No. 9/2020)Regulation of the Central Bank of the UAE, in force since 10 February 2021. It applies to clearing and settlement systems designed mainly for large-value or wholesale payments. Operating such a system requires a licence from the Central Bank.Primary sourceUnited Arab Emirates# | Regulation | In force | |
| Open Finance Regulation (Circular No. 3/2025)Regulation of the Central Bank of the UAE issued on 10 July 2025. It replaces the first Open Finance Regulation, issued by Circular No. 7/2023. It requires a licence to provide open finance services and makes participation in the open finance framework mandatory for licensed institutions, in phases. The first phase covers banks, including branches of foreign banks, and insurance companies.Primary sourceUnited Arab Emirates# | Regulation | In force, applies in stages | |
| Al Tareq - open finance platformOpen finance platform of the United Arab Emirates. The Central Bank of the UAE stated on 9 April 2026, in the release on its annual report for 2025, that the platform has been activated.Primary sourceUnited Arab Emirates# | Infrastructure | Live | |
| Financial Infrastructure Transformation (FIT) ProgrammeProgramme of the Central Bank of the UAE announced on 12 February 2023. Its nine initiatives include a domestic card scheme, an instant payments platform, a central bank digital currency, open finance and electronic know-your-customer. The announcement set the full integration for 2026.Primary sourceUnited Arab Emirates# | Strategy | Active | |
| Aani - instant payments platformInstant payments platform launched on 16 October 2023 by Al Etihad Payments, a subsidiary of the Central Bank of the UAE. It lets users send money with the phone number of the recipient, request money, split bills and pay merchants by QR code, at any time.Primary sourceUnited Arab Emirates# | Payment system | Live | |
| Jaywan - domestic card schemeDomestic card scheme of the United Arab Emirates, operated by Al Etihad Payments. Al Etihad Payments announced on 27 February 2025, in a release published by the Central Bank of the UAE, that its infrastructure was ready, for debit, prepaid and credit cards. Al Etihad Payments states that the scheme was officially launched in July 2026 and that banks issue the cards in phases.Primary sourceUnited Arab Emirates# | Scheme | Live | |
| National payment systems of the Central Bank of the UAESystems owned and operated by the Central Bank of the UAE: UAESWITCH, which has linked the cash machines of banks since 1996, the real-time gross settlement system UAEFTS, in operation since 2001, the Image Cheque Clearing System, since 2008, the Wages Protection System, since 2009, and the Direct Debit System, since 2012.Primary sourceUnited Arab Emirates# | Payment system | Live | |
| Consumer Protection Regulation (Circular No. 8/2020)Regulation of the Central Bank of the UAE, in force since 25 December 2020. It applies to licensed financial institutions when they serve natural persons and sole proprietorships. It covers disclosure and transparency, market conduct, the protection of consumer data and assets, responsible financing and complaint management.Primary sourceUnited Arab Emirates# | Regulation | In force | |
| Finance Companies Regulation (Circular No. 3/2023) - short-term creditRegulation of the Central Bank of the UAE, in force since 29 September 2023. It defines short-term credit as credit of no more than twelve months, without interest, granted to buy specified goods or services. A company that grants short-term credit only needs a restricted licence.Primary sourceUnited Arab Emirates# | Regulation | In force | |
| Sandbox Conditions Regulation (Circular No. 6/2023)Regulation of the Central Bank of the UAE, in force since 15 April 2024. Its regulatory sandbox lets participants test innovative business models, products and services, for a period of six to twelve months.Primary sourceUnited Arab Emirates# | Regulation | In force | |
| Federal Decree-Law No. (30) of 2024 Regarding the Know Your Client Digital PlatformFederal decree-law issued on 1 October 2024 and in force since 14 October 2024. It provides for a company that develops and manages a digital platform for know-your-client data, under the supervision of the Central Bank. A user of the platform needs the prior approval of the client to request a report, with limited exceptions. Its executive regulations have been in force since 21 April 2026.Primary sourceUnited Arab Emirates# | Law | In force | |
| Federal Decree by Law No. (10) of 2025 Regarding Anti-Money Laundering, and Combating the Financing of Terrorism and Proliferation FinancingFederal decree-law issued on 30 September 2025 and in force since 14 October 2025. It repealed Federal Decree by Law No. (20) of 2018. Its executive regulations, Cabinet Resolution No. (134) of 2025, have been in force since 14 December 2025.Primary sourceUnited Arab Emirates# | Law | In force | |
| Money Services regime of the Dubai Financial Services AuthorityThe Dubai Financial Services Authority, the regulator of the Dubai International Financial Centre, states that it introduced a Money Services regime in 2020. Its notice of 5 March 2020 lists rule-making instruments in force on 1 April 2020, after a consultation paper of 11 November 2019. The authority states that the regime covers, for example, cross-border money transfers, stored value and digital wallets, and that a firm needs its authorisation to provide money services.Primary sourceDubai International Financial Centre# | Regulation | In force | |
| Framework for Providing Money Services of the Financial Services Regulatory AuthorityFramework of the Financial Services Regulatory Authority, the regulator of the Abu Dhabi Global Market. On 9 November 2020 the authority extended the activity of providing money services to payment accounts and to the issuance of stored value, with conduct rules and capital requirements for these services.Primary sourceAbu Dhabi Global Market# | Regulation | In force | |
| Framework for third party financial technology services of the Financial Services Regulatory AuthorityFramework introduced on 1 April 2021 by the Financial Services Regulatory Authority of the Abu Dhabi Global Market. It covers firms that act between customers and their financial institutions by accessing, processing and transferring customer data.Primary sourceAbu Dhabi Global Market# | Regulation | In force | |
| UAE PASS - national digital identityNational digital identity and digital signature solution of the United Arab Emirates, launched in 2018. It offers authentication on a smartphone, the digital signature of documents and a digital vault for official documents. The official portal of the government names banking among the private sectors that use it.Primary sourceUnited Arab Emirates# | Infrastructure | Live | |
| Buna - Arab regional payment systemCross-border, multi-currency payment system owned by the Arab Monetary Fund and operated by an organisation that the Fund founded in 2018, with headquarters in Abu Dhabi. It processes and settles payments in real time. Its currencies include the UAE dirham, the Saudi riyal, the Egyptian pound, the Jordanian dinar, the US dollar and the euro.Primary sourceArab Monetary Fund# | Payment system | Live | |
| AFAQ - Gulf payment system (GCC-RTGS)Payment system of the Gulf Cooperation Council, operated by the Gulf Payments Company, which the six national central banks own. The Central Bank of Bahrain states that it started on 10 December 2020. The Central Bank of the UAE joined it on 12 December 2023.Primary sourceGulf Cooperation Council# | Payment system | Live | |
| Dubai Cashless StrategyStrategy announced on 9 October 2024 by Digital Dubai. Its target is that cashless transactions account for 90% of all transactions in Dubai by 2026.Primary sourceDubai# | Strategy | Policy document |
Asia
Laws, payment systems and data-sharing frameworks of the Asian jurisdictions where My NEO Group is present, and of Singapore. For texts with no official English title, the English name is a translation.
| Text or source | Type | Date | Status |
|---|---|---|---|
| Regulations on the Supervision and Administration of Non-bank Payment Institutions (State Council Decree No. 768)Regulations of the State Council signed on 9 December 2023 and in force since 1 May 2024. Setting up a non-bank payment institution requires the approval of the People's Bank of China. The regulations sort payment business into two categories: the operation of stored-value accounts and the processing of payment transactions.Primary sourceChina# | Regulation | In force | |
| Cross-border Interbank Payment System (CIPS)Payment system for cross-border payments, operated by CIPS Co., Ltd. Its first phase went live in October 2015 and its second phase in May 2018. Its operator states 210 direct participants and 1,619 indirect participants in June 2026.Primary sourceChina# | Payment system | Live | |
| Payment Systems and Stored Value Facilities OrdinanceOrdinance whose regime for stored value facilities and retail payment systems started on 13 November 2015. Since 13 November 2016, issuing a stored value facility in Hong Kong without a licence is illegal, unless an exemption applies.Primary sourceHong Kong# | Law | In force | |
| Faster Payment System (FPS)Real-time payment system introduced by the Hong Kong Monetary Authority and launched on 17 September 2018, in Hong Kong dollars and in renminbi. It has been linked to PromptPay of Thailand for QR payments since 4 December 2023, and to the Internet Banking Payment System of Mainland China, under the name Payment Connect, since 22 June 2025.Primary sourceHong Kong# | Payment system | Live | |
| Open API Framework for the Hong Kong Banking SectorFramework published by the Hong Kong Monetary Authority on 18 July 2018, in four phases that go from product information to transactions. Two data infrastructures followed: the Commercial Data Interchange, launched on 24 October 2022, and the pilot of Interbank Account Data Sharing, started on 1 January 2024 with 28 banks.Primary sourceHong Kong# | Guideline | Active | |
| Fintech 2030Strategy unveiled by the Hong Kong Monetary Authority on 3 November 2025, after its Fintech 2025 strategy of June 2021. Its four focus areas are data and payment infrastructure, artificial intelligence, resilience and tokenisation, with more than 40 initiatives.Primary sourceHong Kong# | Strategy | Policy document | |
| Digital banksClass of banks licensed by the Hong Kong Monetary Authority. Eight licences had been granted by 9 May 2019, under the name virtual banks. On 14 October 2024 the authority announced that it would adopt the name digital bank.Primary sourceHong Kong# | Licence class | Active | |
| Payment Services Act (Act No. 59 of 2009)Act of 24 June 2009 that covers funds transfer services and prepaid payment instruments. Its Article 36-2 defines three types of funds transfer services. The implementing orders of an amendment of 2020 were enforced on 1 May 2021. Its latest amendment, Act No. 66 of 2025, took effect on 1 June 2026 and adds methods to safeguard the funds of users.Primary sourceJapan# | Law | In force | |
| Banking Act - registration of electronic payment service providersRegime introduced by an amendment of 2017 to the Banking Act and in force since 1 June 2018. A business that operates as an electronic payment service provider in Japan must be registered.Primary sourceJapan# | Law | In force | |
| Zengin SystemSystem for domestic bank transfers in Japan, in operation since 1973. Transfers have been available at any time of the day, every day, since October 2018. Transfers between persons of JPY 100,000 or less have been offered through the Cotra system since October 2022.Primary sourceJapan# | Payment system | Live | |
| Electronic Financial Transactions ActAct in force since 1 January 2007. Since 15 September 2024, providers of electronic prepayment means must manage at least 100% of the advance payments of customers separately, in safe assets. An amendment promulgated on 16 December 2025 requires payment gateway services to place 100% of unsettled funds under external management.Primary sourceRepublic of Korea# | Law | In force | |
| Open banking and financial MyDataOpen banking was fully launched in the Republic of Korea on 18 December 2019, with 16 banks and 31 fintech businesses, after a pilot started on 30 October 2019. The financial MyData service, which requires standardised interfaces, was launched on 5 January 2022.Primary sourceRepublic of Korea# | Infrastructure | Live | |
| Payment and Settlement Systems Act, 2007Act that received assent on 20 December 2007 and came into force on 12 August 2008. It provides for the regulation and the supervision of payment systems in India and makes the Reserve Bank of India the authority for that purpose.Primary sourceIndia# | Law | In force | |
| Unified Payments Interface (UPI)Payment system of the National Payments Corporation of India, launched as a pilot on 11 April 2016 with 21 banks. The Press Information Bureau of the Government of India states that UPI processed 2,365.8 crore transactions, about 23.7 billion, in July 2026.Primary sourceIndia# | Payment system | Live | |
| Master Direction - Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016Directions of the Reserve Bank of India issued on 2 September 2016 and last updated on 6 September 2024. An account aggregator is a non-banking financial company that collects the financial information of a customer from the institutions that hold it and presents it to the customer or to an authorised user of that information.Primary sourceIndia# | Regulation | In force | |
| Payments Vision 2028Strategy document of the Reserve Bank of India released on 27 March 2026, for the period up to December 2028. It follows Payments Vision 2025, released on 17 June 2022.Primary sourceIndia# | Strategy | Policy document | |
| Reserve Bank of India (Regulation of Payment Aggregators) Directions, 2025Directions dated 15 September 2025. They cover three categories of payment aggregators: physical, online and cross-border. A non-bank payment aggregator must be a company and must be authorised by the Reserve Bank of India.Primary sourceIndia# | Regulation | In force | |
| Reserve Bank of India (Authentication Mechanisms for Digital Payment Transactions) Directions, 2025Directions issued on 25 September 2025, with compliance required by 1 April 2026. They set a minimum of two factors of authentication for digital payment transactions and let issuers add checks based on risk.Primary sourceIndia# | Regulation | In force | |
| Decree No. 52/2024/ND-CP on non-cash paymentsDecree of the Government dated 15 May 2024. The State Bank of Vietnam cites it as the legal basis of its Circular No. 15/2024/TT-NHNN on non-cash payment services, in force since 1 July 2024. The link opens the consolidated text of that circular on the document server of the Government.Primary sourceVietnam# | Regulation | In force | |
| Decree No. 94/2025/ND-CP on a regulatory sandbox in the banking sectorDecree of the Government issued on 29 April 2025 and in force since 1 July 2025. The journal of the State Bank of Vietnam states that it covers three solutions: credit scoring, data sharing through open interfaces and peer-to-peer lending. Decree No. 382/2026/ND-CP of 6 October 2026 amends it.Primary sourceVietnam# | Regulation | In force | |
| Circular No. 64/2024/TT-NHNN on open application programming interfaces in the banking sectorCircular of the State Bank of Vietnam issued on 31 December 2024 and in force since 1 March 2025. It applies to banks and to the third parties that connect to them and process customer data through open interfaces. The link opens the journal of the State Bank of Vietnam.Primary sourceVietnam# | Regulation | In force | |
| Payment Systems Act B.E. 2560 (2017)Act in force since 16 April 2018. It covers highly important payment systems, designated payment systems and designated payment services, which include card services, electronic money and electronic money transfers.Primary sourceThailand# | Law | In force | |
| PromptPay and its cross-border linksPayment infrastructure in operation in Thailand since 2016. Its link with PayNow of Singapore was launched on 29 April 2021. The Bank of Thailand also lists QR payment links with Cambodia, China, Hong Kong, Indonesia, Japan, the Republic of Korea, Lao PDR, Malaysia and Vietnam.Primary sourceThailand# | Payment system | Live | |
| Your Data - regulation on the sharing of financial dataRegulation enacted by the Bank of Thailand on 11 November 2025. It lets consumers and businesses share the data that financial service providers hold on them. The Bank of Thailand plans the first sharing, of personal deposit data, for late 2026, and other categories of data in 2027 and 2028.Primary sourceThailand# | Regulation | In force, applies in stages | |
| Payment Services Act 2019Act passed by Parliament on 14 January 2019, with most provisions in force since 28 January 2020. It provides for three classes of licence: money-changing, standard payment institution and major payment institution.Primary sourceSingapore# | Law | In force | |
| PayNowService for instant transfers in Singapore dollars that uses a mobile number, an identity number or a company number. It was launched on 10 July 2017 for participating banks and on 8 February 2021 for participating major payment institutions.Primary sourceSingapore# | Payment system | Live | |
| Singapore Financial Data Exchange (SGFinDex)Public digital infrastructure launched on 7 December 2020. It lets a person view, with the national digital identity, the financial information that government agencies and financial institutions hold. Insurance data were added on 2 November 2022.Primary sourceSingapore# | Infrastructure | Live | |
| Digital bank licencesOn 4 December 2020 the Monetary Authority of Singapore announced four successful applicants: two for a digital full bank licence and two for a digital wholesale bank licence.Primary sourceSingapore# | Licence class | Active | |
| Regional Payment Connectivity - memorandum between ASEAN central banksMemorandum of understanding signed in Bali on 14 November 2022 by the central banks of Indonesia, Malaysia, the Philippines, Singapore and Thailand. The cooperation covers several methods of cross-border payment, including QR code and fast payment.Primary sourceASEAN# | Agreement | Active |
Central bank digital currencies
A central bank digital currency is money issued by a central bank in digital form. Each entry gives the status stated by the central bank concerned on the date of this edition.
| Text or source | Type | Date | Status |
|---|---|---|---|
| Regulation on the establishment of the digital euro - proposal COM(2023) 369Proposal published by the European Commission on 28 June 2023. The Council agreed its negotiating position on 19 December 2025, and the European Parliament confirmed its decision to open negotiations on 9 July 2026. On the date of this edition, the Legislative Observatory of the European Parliament showed no final act.Primary sourceEuropean Union# | Law | Proposal | |
| Digital euro project of the EurosystemProject of the European Central Bank and of the national central banks of the euro area. On 30 October 2025 the ECB announced the move to the next phase of the project. On 14 July 2026 it announced the selection of 36 payment service providers for a pilot due to start in the second half of 2027, for twelve months. The ECB states that no decision to issue a digital euro has been taken and that it will decide only once the regulation is adopted.Primary sourceEurosystem# | Project | In preparation | |
| Digital DirhamCentral bank digital currency of the Central Bank of the UAE, whose strategy was launched on 23 March 2023. The first cross-border payment in Digital Dirham was made in January 2024, and the first government transaction on 11 November 2025. The central bank law of 2025 treats currency issued by the Central Bank in digital form as legal tender.Primary sourceUnited Arab Emirates# | Project | Active | |
| Project mBridgePlatform for cross-border payments in several central bank digital currencies, developed since 2021 by the BIS Innovation Hub with the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People's Bank of China and the Central Bank of the UAE. It reached the stage of minimum viable product in mid-2024, and the Saudi Central Bank joined in 2024. The BIS announced in October 2024 that it was handing the project over to the partners.Primary sourceInternational# | Project | Handed over | |
| e-CNY (digital yuan)Digital currency of the People's Bank of China. Under a management framework in effect since 1 January 2026, e-CNY held in wallets at commercial banks counts as a bank deposit, earns interest and is covered by deposit insurance. The official portal of the State Council reports 3.48 billion transactions in total, worth CNY 16.7 trillion, at the end of November 2025.Primary sourceChina# | Project | Active | |
| e-HKD Pilot ProgrammePilot programme of the Hong Kong Monetary Authority, completed with the report on its second phase, published on 28 October 2025. The authority gives priority to the wholesale use of the e-HKD and has set no date for use by the public.Primary sourceHong Kong# | Project | Completed | |
| Central bank digital currency pilot program of the Bank of JapanPilot program launched in April 2023, with a forum of private businesses engaged in retail payments. At launch, the Bank of Japan planned simulated transactions only, in a test environment. Its latest progress report was published on 11 September 2026.Primary sourceJapan# | Project | Pilot | |
| Digital RupeeCentral bank digital currency of the Reserve Bank of India. The wholesale pilot started on 1 November 2022 and the retail pilot on 1 December 2022. A page of the Reserve Bank of India updated on 1 October 2026 states that both are still pilots and that 19 banks offer wallets.Primary sourceIndia# | Project | Pilot | |
| Advancing in tandem - results of the 2024 BIS survey on central bank digital currencies and cryptoPaper of the Bank for International Settlements published on 22 August 2025. Of the 93 central banks surveyed, 85 were exploring a retail central bank digital currency, a wholesale one, or both.Primary sourceBank for International Settlements# | Report | Published |
Technical standards
Standards for payment messages, identifiers, card security, authentication and data sharing, published by standards bodies and industry bodies. ISO and ISO/IEC standards are published documents under copyright; this page gives their subject only.
| Text or source | Type | Date | Status |
|---|---|---|---|
| ISO 20022 - Universal financial industry message schemeInternational standard for financial messages, prepared by the financial services committee of ISO. Its current edition has nine parts, published in April 2026. Part 1, ISO 20022-1:2026, was published on 13 April 2026 and replaced the edition of 2013.Primary sourceISO# | Standard | Current edition | |
| ISO 20022 for cross-border payments on the Swift network (CBPR+)Swift started the move of cross-border payment messages to ISO 20022 in March 2023. The period in which the older message format and ISO 20022 coexisted ended on 22 November 2025. On 27 August 2026 Swift announced a change to the timeline of its 2026 standards release, which defers the end of unstructured postal addresses in payment messages.Primary sourceSwift# | Standard | Live | |
| ISO 13616-1:2020 - International bank account number (IBAN)Standard that sets the structure of the IBAN. The edition of 2020 is the current one, and ISO confirmed it on 21 January 2026.Primary sourceISO# | Standard | Current edition | |
| ISO 9362:2022 - Business identifier code (BIC)Standard for the business identifier code used in banking messages. The fifth edition, published in April 2022, is the current one.Primary sourceISO# | Standard | Current edition | |
| ISO 4217:2015 - Codes for the representation of currenciesStandard that sets the internationally recognised codes for currencies. The eighth edition, published in August 2015, is the current one.Primary sourceISO# | Standard | Current edition | |
| ISO 8583:2023 - Messages originated by financial transaction cardsStandard for the interchange messages of card transactions. The third edition, published in July 2023, is the current one.Primary sourceISO# | Standard | Current edition | |
| Payment Card Industry Data Security Standard (PCI DSS) v4.0.1Security standard for payment card data, published by the PCI Security Standards Council. Version 4.0.1 was published on 11 June 2024, and version 4.0 was retired on 31 December 2024. The requirements that were best practices until then have been effective since 31 March 2025.Primary sourcePCI Security Standards Council# | Standard | Current edition | |
| EMV 3-D SecureSpecification of EMVCo that helps card issuers and merchants prevent fraud in payments made without the card being present. Version 2.3.1.1 was announced in May 2023. A draft of version 2.4.0.0 was published for comment on 3 June 2026.Primary sourceEMVCo# | Standard | Current edition | |
| EMV QR Code Specification for Payment SystemsSpecification of EMVCo for payments by QR code, in two modes: the code is presented by the merchant or by the consumer. Version 1.1 of both modes was published on 27 November 2020.Primary sourceEMVCo# | Standard | Current edition | |
| Web Authentication (WebAuthn) Level 3Standard of the World Wide Web Consortium: an interface that lets web applications create and use public key credentials to authenticate users. Level 3 has been a W3C Recommendation since 25 August 2026. Level 2 dates from 8 April 2021.Primary sourceWorld Wide Web Consortium# | Standard | Current edition | |
| FIDO2 and passkeysSpecifications of the FIDO Alliance. FIDO2 is made of the W3C Web Authentication specification and of the Client to Authenticator Protocols. The FIDO Alliance describes passkeys as FIDO cryptographic credentials tied to the account of a user on a website or an application.Primary sourceFIDO Alliance# | Standard | Active | |
| FAPI 2.0 Security ProfileSpecification of the FAPI working group of the OpenID Foundation. The Security Profile and its Attacker Model were published as final specifications on 22 February 2025.Primary sourceOpenID Foundation# | Standard | Current edition | |
| RFC 6749 - The OAuth 2.0 Authorization FrameworkAuthorisation framework published in October 2012, with the status of Proposed Standard. Later documents update it, among them RFC 9700.Primary sourceInternet Engineering Task Force# | Standard | Current edition | |
| Verifiable Credentials Data Model v2.0Data model of the World Wide Web Consortium for verifiable credentials. It has been a W3C Recommendation since 15 May 2025.Primary sourceWorld Wide Web Consortium# | Standard | Current edition | |
| NIST SP 800-63-4 - Digital Identity GuidelinesGuidelines of the National Institute of Standards and Technology of the United States, published in July 2025 with three companion volumes. They supersede SP 800-63-3.Primary sourceUnited States# | Guideline | Current edition | |
| Berlin Group openFinance API FrameworkFramework of the Berlin Group, a European initiative for the interoperability of payments. It extends the NextGenPSD2 interface for access to accounts beyond the scope of PSD2. Its page shows the V2 suite, last updated on 18 June 2026.Primary sourceBerlin Group# | Standard | Current edition | |
| ISO/IEC 27001:2022 - Information security management systems - RequirementsStandard that sets the requirements for an information security management system. The third edition was published on 25 October 2022, with one amendment in 2024.Primary sourceISO and IEC# | Standard | Current edition |
Public data and reference reports
Sources of data on payments and on access to financial services. Figures are those of the publisher named, for the period named.
| Text or source | Type | Date | Status |
|---|---|---|---|
| G20 Roadmap for Cross-border Payments: Consolidated progress report for 2025Annual report of the Financial Stability Board, published on 9 October 2025, which now includes the key performance indicators. It finds that the work done has not yet brought tangible improvements for end-users at the global level, and that the targets are unlikely to be met on the timetable of 2027.Primary sourceFinancial Stability Board# | Report | Published | |
| The Global Findex Database 2025Database of the World Bank on financial inclusion. In the edition published on 16 July 2025, the World Bank states that 79% of adults worldwide have an account and that 1.3 billion adults still lack access to financial services.Primary sourceWorld Bank# | Report | Current edition | |
| Remittance Prices WorldwideDatabase of the World Bank on the cost of sending remittances. Its issue for the third quarter of 2025 gives a global average cost of 6.36% of the amount sent, and of 4.59% for digital remittances. The target of the United Nations and of the G20 is 3% by 2030.Primary sourceWorld Bank# | Data source | Live | |
| CPMI Red Book statisticsStatistics of the Bank for International Settlements on payments and financial market infrastructures, reported by the 27 member jurisdictions of the Committee on Payments and Market Infrastructures. They are updated once a year, about twelve months after the end of the reference year.Primary sourceBank for International Settlements# | Data source | Live | |
| Financial Access SurveyAnnual statistics of the International Monetary Fund on access to financial services and on their use. The results of 2025, released on 29 October 2025, cover 163 economies. The IMF counts 251 digital transactions per adult in 2024, against 55 in 2017.Primary sourceInternational Monetary Fund# | Data source | Live | |
| Study on the payment attitudes of consumers in the euro area (SPACE) 2024Study of the European Central Bank published on 19 December 2024. Cash was used in 52% of transactions at the point of sale, down from 59% in 2022, and online payments made up 21% of day-to-day payments by number. The ECB states that the next study is scheduled to be published in 2026.Primary sourceEuropean Central Bank# | Report | Published | |
| The State of the Industry Report on Mobile Money 2026Annual report of the GSMA, published on 24 March 2026. It counts 2.3 billion registered mobile money accounts in 2025, of which 593 million were active over 30 days, and more than USD 2.1 trillion in transactions.Primary sourceGSMA# | Report | Current edition |
Dates after this edition
Dates announced by the sources above that fall after the date of this edition. They are the dates published on 9 October 2026 and may change.
- The rules of the Consumer Credit Directive (EU) 2023/2225 apply.Details
- Republic of Korea: the rules on the unsettled funds and on the capital of payment gateway services take effect.Details
- European Union: date by which, according to the European Commission, Member States must offer European Digital Identity Wallets.Details
- Payment service providers outside the euro area must be able to receive instant credit transfers in euro.Details
- Payment institutions and electronic money institutions in the euro area must be able to send and receive instant credit transfers in euro.Details
- Payment service providers outside the euro area must be able to send instant credit transfers in euro and must offer the verification of the payee.Details
- The Anti-Money Laundering Regulation (EU) 2024/1624 applies.Details
- Common date of the targets of the G20 on the cost, the speed, the access and the transparency of cross-border payments.Details
- Date by which, according to the FATF, the changes to Recommendation 16 on payment transparency come into effect.Details
My NEO Group and financial technology
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