CBUAE issues new regulation to support digital payments

CBUAE issues new regulation to support digital payments

CBUAE issues new regulation to support digital payments

4 hours ago

The UAE Central Bank is confident that the new regulation will strengthen public's confidence in digital services.

Business Bureau, Gulf Today

In an effort to ensure that stored value products and services are operated in a secure, sound and efficient manner in the UAE, the Central Bank of the UAE, CBUAE, has issued a new regulation on Stored Value Facilities, SVF.

By introducing this new regulation for the providers of SVFs, the CBUAE aims to facilitate FinTech firms and other non-bank payment service providers easier access to the UAE market while continuing to safeguard the customers' funds, ensure proper business conduct and support the development of payment products and services.

The scope of this regulation includes licencing, supervision and enforcement provisions applicable to the companies,