Fintech & digital payments rules in Iran (2026)

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.

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.

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.

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.

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.

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.