The National Bank of Cambodia has issued new regulations governing the licensing of PSPs, requiring that all firms providing online services to accept electronic payments have at least $2 million in registered capital. Such a move is aimed at increasing the stability of the sector and encouraging the consolidation of its smaller players. The PSP licenses are valid for six years, with an annual licensing fee of 20 million riel ($5,000). The new regulations aim at better governance of third-party processors (TPPs) that act as intermediaries to complete payment transactions, and reflect the rapid growth of FinTech solutions.
Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.
Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.
The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2