AFAQ: A promising future for GCC unified banking

AFAQ: A promising future for GCC unified banking

It is worth mentioning that the Saudi Cabinet recently approved the GCC agreement for setting up a unified payment system. One of the most important services that the GPC provides is , a regional payment system that aims to implement remittances in GCC local and other currencies in a short time and at low costs in a safe and stable environment. AFAQ is also a joint regional payments platform linking real-time gross settlement systems for each GCC country, where the immediate processing of inter-GCC transfers is carried out at the end of the day, including total settlements. Its business operational model includes in its first phase multiple transfer services in GCC currencies, and in the second phase other currencies will be included such as the US dollar and euro. Also, it will enable the processing of a large proportion of cross-border payments in addition to the same-day adjustment features of central and commercial bank balances and financial positions. As a unified payment system across the GCC countries, AFAQ contributes many economic benefits, such as supporting the growth of trade and investment among GCC member states, strengthening confidence in the economic cooperation and supporting the chances of a future unified Gulf