The International Financial Services Centres Authority (IFSCA) on August 04, 2026, issued the consultation paper on the financial soundness criteria for existing Payment System Operators (PSOs) and applicants desirous of operating payment systems in IFSC.
The following has been stated:
• The draft proposes minimum financial requirements based on the type of payment system, including sound financial status for Large Value Payment Systems (LVPS) and Card Payment Networks, minimum net worth of USD 0.2 million for Legal Entity Identifier (LEI) issuers, USD 1 million for Trade Receivables Discounting System (TReDS) platforms, and net worth equivalent to at least one year's operating costs for Trade Repositories.
• Existing authorised PSOs will be required to comply with the proposed criteria within six months of the circular's issuance, while new applicants shall satisfy the requirements before obtaining authorisation.
• It has invited public comments on the draft circular by August 28, 2026.
