Facilitating access for financial technology companies to the local market and protecting dealers' funds

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

Abdul Hamid Saeed: "The new system of stored value facilities will enhance public confidence in the use of digital products and services."

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

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

In a statement yesterday, 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.

"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," said the governor of the UAE Central Bank, Abdul Hamid Muhammad Saeed Al-Ahmadi.

He stressed that the new system is an important achievement in the continuous development of a strong regulatory framework for stored value facilities and the digital payments sector as a whole, and is in line with the Central Bank's goals aimed at protecting the stability and integrity of the financial system and payments infrastructure in the UAE, and facilitating further development of digital payments. He stressed that this system will ensure equal opportunities for market participants, which will contribute to maintaining the UAE's solid position as a global financial center and a leading payment center.

Follow our latest local and sports news, and the latest political and economic developments via Google news