The Central Bank is responsible for licensing, designating and overseeing systemically important Retail Payment Systems (RPS) pursuant to the Central Bank Law. The Central Bank Law stipulates criteria and relevant factors based on which the Central Bank will determine whether or not a licensed RPS should be designated and subject to the ongoing oversight of the Central Bank. The policy objective is to ensure that operations of designated RPS are safe, sound, efficient and in compliance with relevant international standards (e.g. the PFMI), and also, would contribute to the financial and payment system stability of the State.

The Central Bank Law expressly sets out the powers of the Central Bank in relation to the licensing, designation and oversight of Financial Infrastructure Systems that are systemically important such as the RPS.