Bank of Irad: payment services require a licence
Any service that takes payments or holds funds for residents of the ISEZ needs a licence under the 1993 Act, whatever the instrument it uses.
The Bank of Irad has written to the operators of payment services offered to residents of the Irad Special Economic Zone, reminding them that the acceptance of payments and the holding of customer funds are licensed activities under the Banking and Commercial Currency Act of 1993.
The letter refers among others to the payment service announced inside the Tulpar messaging application. A service does not escape licensing because the units it records are not money; it is the taking of payments and deposits that the Act regulates.
Residents are advised to make payments through licensed banks, and to treat any balance held with an unlicensed service as unprotected.
Related documents: boi-2026-09-29