AMF document sheds light on best practices and recent developments for Digital Wallet providers

SourceSaudi Gazette
CountryMiddle east

ABU DHABI — In light of the increasing importance for promoting digital payments and the transition to digital financial services, the significant role played by digital wallet service providers has emerged to facilitate the adoption of innovative solutions for digital payments, enhancing financial inclusion and competition by providing new business models and use cases for digital financial services. Acknowledging this importance, the Arab Monetary Fund, through the Arab Regional Fintech Working Group, recently issued guiding principles on “Best Practices and Recent Developments for Digital Wallet Providers”; as part of the AMF ongoing efforts to support digital financial transformation in the Arab countries, which plays a major role in enhancing financial inclusion and enabling innovative financial services. The guide, which was prepared by members of the Arab Regional Fintech Working Group, aims to set guiding principles that enable the development of a solid and modern framework for regulating digital wallets providers’ services, in order to be used by the supervisory more...