Al-Markazi: A new system to support the development of digital payments services

The Central Bank has issued a new regulation on stored value facilities, as part of its efforts to ensure that the stored value facilities products and services operate in a safe, secure and efficient manner in the UAE.

By introducing this new system to the providers of stored value facilities, the Central seeks to facilitate the access of financial technology companies and other non-bank payment service providers to the local market in an easier manner, while continuing to protect clients' funds, ensuring good workflow, in addition to supporting Developing digital payment products and services.

In a statement today, the Central Bank stated that the scope of this system includes licensing, supervision and enforcement provisions applicable to companies licensed to provide stored value facilities, pointing to a one-year transitional period that will start from the date of entry into force of the system.

According to the Central Agency, companies that hold stored value facility licenses granted under the previous supervisory framework may continue their operations, but they must complete the implementation of the relevant measures contained in this new system before the end of the transitional period.

The Governor of the UAE Central Bank, Abdul Hamid Muhammad Saeed Al-Ahmadi, said: “We are confident that the new system of stored value facilities will enhance public confidence in the use of digital products and services, and support further development and innovation in the field of payments.”

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