According to a press release, the CBE seeks, by introducing this new system to the providers of stored value facilities, to facilitate the access of financial technology companies and other non-bank payment service providers to the local market more easily, while continuing to protect clients’ funds and ensure the smooth running of work, in addition to supporting the development Payment products and services.
The scope of this system includes licensing, supervision and enforcement provisions applicable to companies licensed to provide stored value facilities.
A one-year transitional period will commence from the date of entry into force of the system.
Companies holding stored value facility licenses granted under the previous supervisory framework may continue their operations, but they must complete the application 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 Abdul Hamid Muhammad Saeed Al Ahmadi, Governor of the UAE Central Bank.
Al-Ahmadi added, “The system is in line with the Central Bank’s objectives to protect the stability and integrity of the financial system and payment infrastructure in the UAE and to facilitate the further development of digital payments.”
He explained that the new system of stored value facilities will ensure equal opportunities for market participants, which will contribute to maintaining the UAE’s well-established position as a global financial center and a leading payment center.
Nominations:
Real estate deals in Dubai exceed 679 million dirhams … today
These were the details of the news The UAE Central Board issues a stored value facility system to... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
