Fintech & payments regulation in Iran (2026)

Legal framework

Central Bank of Iran (Bank Markazi) via Payment and Settlement Systems Regulations; SHAPARAK (Electronic Payment Network Company) as PSP supervisor; Law on Non-Governmental Banks and Credit Institutions

Key points: digital payments & fintech in Iran

1. 01PSP Licensing Regime

   The CBI licenses approximately 12 PSPs to operate domestically via SHAPARAK, the CBI-affiliated card-payment switch. Regulations mandate PSPs be at least 51% owned by licensed banks, severely restricting non-bank entrants and effectively closing the market to new independent players.

   financialtribune.com den.ir

2. 02Fintech Scope Restrictions

   CBI policy explicitly restricts fintech companies to payment services only; lending, savings, and credit products remain exclusive to licensed banks. Fintechs must partner with CBI-authorized banks and hold required securities/guarantees but do not require direct CBI authorization, creating an indirect licensing structure rather than a standalone fintech license.

   lexology.com ifnfintech.com

3. 03Domestic Payment Infrastructure

   Iran's payment stack includes SATNA (RTGS, 2006), PAYA (ACH, 2009), SHAPARAK (card/POS national switch, 2012), and the Shetab interbank network which settles in under two seconds. SHAPARAK processes over 50 billion transactions annually, representing a technically mature but internationally isolated infrastructure.

   en.wikipedia.org en.wikipedia.org

4. 04Regulatory Sandbox & Planned Fintech Body

   The CBI launched a regulatory sandbox in 2022 for fintech startups to test digital banking solutions under supervised conditions. Uptake has been limited due to API restrictions. The CBI has also announced plans for a dedicated fintech regulatory authority to unify and clarify oversight, though this body was not yet operational as of early 2026.

   ifnfintech.com digiato.global

5. 05CBDC, Digital Rial (Pilot Phase)

   The CBI has been developing a CBDC (digital rial/Ramzrial) on the Hyperledger Fabric-based 'Borna' platform since 2018. A retail pilot launched on Kish Island in 2022. As of early 2026 the project remains in pilot phase; a stated aim is sanction-circumvention and reducing domestic cash use. No open banking or third-party API framework accompanies it.

   cbdctracker.org cbdctracker.hrf.org

6. 06FATF Blacklist & International Isolation

   As of October 2025, FATF reaffirmed Iran's status as a high-risk jurisdiction subject to countermeasures (Recommendation 19), citing persistent AML/CTF deficiencies including a legal exemption for financing designated groups. This mandates that foreign banks terminate correspondent relationships with Iranian institutions. Iran was actively seeking removal in early 2026 but had not yet met all FATF requirements.

   fatf-gafi.org aljazeera.com

Sources

1. 1.en.wikipedia.org/wiki/Shaparak_(company)
2. 2.en.wikipedia.org/wiki/Central_Bank_of_Iran
3. 3.lexology.com/library/detail.aspx?g=664a3aa2-267a-4fe7-a20c-3ec69e3a65e9
4. 4.ifnfintech.com/central-bank-of-iran-launches-long-awaited-regulatory-sandbox/
5. 5.digiato.global/news/central-bank-iran-fintech-regulation/
6. 6.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/Call-for-
7. 7.cbdctracker.org/currency/iran-digital_rial
8. 8.cbdctracker.hrf.org/currency/iran
9. 9.financialtribune.com/articles/business-and-markets/111550/regulator-prepares-new-system-fo
10. 10.den.ir/articles/business-and-markets/117009/cbi-ordered-to-rewrite-psp-rules
11. 11.amlwatcher.com/news/the-central-bank-of-iran-approves-policy-and-regulatory-framewor
12. 12.aljazeera.com/news/2026/2/15/iran-seeks-to-get-out-of-fatf-blacklist-amid-domestic-
13. 13.en.wikipedia.org/wiki/Shetab_Banking_System