Finance Minister Dr. Swarnim Wagle Highlights Importance of Payment and Settlement (First Amendment) Bill, 2083 for Financial Technology Advancement
Summary
Finance Minister and Acting Prime Minister Dr. Swarnim Wagle said the Payment and Settlement (First Amendment) Bill, 2083 is needed to modernize Nepal’s financial system and keep pace with rapid fintech development. The bill introduces a regulatory sandbox, strengthens consumer protection, and makes all payment instruments connect to the Nepal Payment Switch.
Key Points
- Dr. Swarnim Wagle said the bill is necessary to address rapid changes in financial technology and international practices.
- The amendment introduces a regulatory sandbox so Nepal Rastra Bank can test new financial technologies within defined limits.
- It adds consumer protection measures, including a requirement to return e-money within 30 days if a license is revoked or not renewed.
- The bill also mandates connection to the Nepal Payment Switch and classifies violations as government-prosecuted offenses.
