Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1696510071694.pdf (Vanuatu)
RESER VE BANK VANUATU PRESS RELEASE PRESS RELEASE No: 03/2019 Telephone: (678) 23333 Date: May 23, 2019 Facsimile: (678) 24231 Email: resrvbnk.gov.vu MOU BETWEEN RESERVE BANK OF VANUATU AND TELECOMMUNICATIONS RADIOCOMMUNICATIONS AND BROADCASTING REGULATOR The Reserve Bank of Vanuatu (RBV) wishes to announce that it signed a Memorandum of Understanding (MOU) with the Telecommuniations Radiocommunications and Broadcasting Regulator (TRBR) on 23 May, 2019 at the Reserve Bank building.
Governor Athy (left) and Acting Regulator (right) posing with the signed copy of the MOU at the RBV Conference Room The purpose of the MOU is for the two parties to collaborate in the regulation and supervision of telecommunication service operators such as Mobile Network Operators (MNOs) as well as banks and other financial institutions that offer digital financial services.
This is to ensure effective risk management, equitable and affordable access to financial services; protection of interest of consumers and financial viability of efficient suppliers; promotion of the availability of regulated services to all consumers; enhancement of public knowledge, awareness and understanding of regulated sectors, compliance to legislative and regulatory requirements and maintaining financial stability in Vanuatu.
The parties, also agree to regulate and supervise other emerging non-traditional suppliers of digital finance or finance-like services, to address the existing gap in the regulatory framework as both parties have limited scope of coverage and oversight of mobile and internet-based financial services.
The Memorandum of Understanding is entered into on the basis of mutual respect, in a spirit of goodwill and does not affect the independence of the two regulatory bodies as stipulated in their respective legislations.

In signing the MOU, the Governor of the Reserve Bank, Mr Simeon Athy stressed that this is a very significant milestone in the shared efforts to address the needs of the people, specifically in the area of Digital Financial Inclusion.
He added that the use of digital channels will facilitate a more convenient and affordable access and use of formal financial services to the excluded and underserved population.

Governor Athy further commented that in order for initiatives such as digital financial inclusion to be successful, partnerships need to be created.

Partnerships which will bring together leadership, expertise and experiences such as the one being witnessed today.
By partnering together and leveraging digital transformation, financial inclusion and inclusive growth can be significantly advanced.

The Acting Regulator, Mr John Obed Alilee who signed on behalf of TRBR, thanked the Reserve Bank for the initiative.

“I believe that what we witness here today, as part of a robust regulatory framework, will encourage growth and create an enabling environment for the commercial and business entities, products and services to prosper,” says Mr. Alilee.
He concluded that TRBR is very happy to participate in the growth of the relevant sectors in this digital age and to encourage products and services that will further strengthen the financial inclusion agenda in the country.

RESERVE BANK OF VANUATU