As part of the National Payment System (NPS) reform, the Reserve Bank of Fiji (RBF) will be implementing a new Central Securities Depository (CSD) in November 2022. This achievement is the culmination of months of consultation between the RBF and major stakeholders particularly issuers of securities and institutional investors who will be connecting to the new system.
The implementation of the CSD system is necessary to allow all Government and statutory corporation securities to be issued and maintained in dematerialised or digitised form, as required under the NPS Act (2021) and the NPS Regulations (2022). As at 30 September 2022, the total outstanding value of all Government and statutory corporation securities in the market stood at $5,960.6 million. The new CSD system will also act as an electronic register, a depository for the safekeeping of dematerialised securities as well as a system for clearing and settlement. The ownership of these securities will be transferred electronically on a Real Time or Delivery versus Payment (DvP) basis.
The Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum highlighted: “We committed to modernise Fiji’s payment system infrastructure and digitise our securities market to put Fiji on the level of developed nations. This newly-launched CSD offers issuers and securities investors a faster and more efficient system to conduct and settle transactions, they can also make and receive interest payments and track their balances in real-time. Investing and doing business in Fiji has never been easier.”
“Fiji has taken an important step to ensure the integrity of securities issues with the establishment of the CSD system, aligning the country with international best practices”, IFC Country Manager for Australia, New Zealand, Papua New Guinea and the Pacific, Judith Green said. “Overall, the reforms of Fiji’s payment system, which IFC has collaborated on with RBF through the support of the Australian and New Zealand governments, will make everyday transactions easier, benefitting all Fijians and promoting inclusive economic development.”
RBF Governor, Mr Ariff Ali said that reaching a new milestone in Fiji’s payment system journey has been possible through the close collaborative efforts of the Reserve Bank with development partners and local stakeholders. He added that the efficiency gains expected from leveraging innovation and technology will help to further develop and modernise Fiji’s securities market and the financial system as a whole.
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