Commencement of payment service operations requires timely authorisation compliance, with one limited, reasoned extension mechanism available.

Payment Service Providers must begin operations within six months from issuance of the Certificate of Authorisation. An extension application requires board authorisation, timely submission, reasons for delay, the period sought, and remedial steps. Where satisfied that commencement cannot occur within the stipulated period, the Authority may grant one extension of up to three months.

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