Standard Chartered, in partnership with global law firm A&O Shearman, has released the third edition of the "Guide to Payment Regulations." This edition provides an overview of the regulatory frameworks and licensing schemes for payments and e-money services across 17 markets in Asia, the Middle East, and Africa, now including Egypt.
The guide responds to the rise of digital payments and e-money services, as regulators focus on areas like customer funds protection, anti-money laundering measures, and cross-border transactions. The aim is to maintain the safety of financial systems.
In China, new rules require foreign payment service providers to have onshore licenses. In India, non-bank entities handling cross-border payments are now supervised by the Reserve Bank of India. Nigeria has limited International Money Transfer Operators to inbound transactions only, to improve foreign exchange market efficiency.
Mahesh Kini, Global Head of Cash Management at Standard Chartered, stated, "To stay ahead, fintechs and platforms must adopt a proactive regulatory strategy and integrate this foresight into product development and go-to-market game plans."
Shuhui Kwok, Partner at A&O Shearman, added, "We’ve been able to put together comprehensive and practical guidance to assist Standard Chartered customers to better navigate the opportunities and challenges of its expanding payment services offerings across the region."
The guide is available for download on Standard Chartered's website.