Picture used for illustrative purpose. File
Gulf Today Report
The Central Bank of the UAE (CBUAE) has issued two new regulations that apply to payment systems operating in the UAE and payment systems that offer clearing or settlement in Dirham outside the UAE.
The Large-Value Payment Systems (LVPS) Regulation and the Retail Payment Systems (RPS) Regulation aim to promote robust financial infrastructure, which is essential for financial stability and consumer protection. They also facilitate the UAE’s international competitiveness.
The LVPS regulation sets standards for financial infrastructure systems that support wholesale payment activities in the UAE.
The RPS regulation focuses on systems for retail payments, which provide funds transfer, clearing, and settlement services related to retail activities. The regulation covers all retail payment systems irrespective of currency or means of exchange in which the transactions are conducted.
Gold prices rise following the Fed's pledge
Oil prices fall as US inventories rise
Sharjah welcomes Pakistan's new airline SereneAir's maiden flight
System operators and settlement institutions of existing large-value payment systems and retail payment systems operating in the UAE must comply with the requirements of these two regulations by the end of the transitional period expiring at the end of February 2022.
Abdulhamid M. Saeed Alahmadi, the Governor of the Central Bank of the UAE, remarked, "Payment systems are the "plumbing of the financial system" - a critical part of any country’s financial infrastructure. The issuance of these two regulations is an important milestone to reach our objective of providing robust, efficient, and accessible financial infrastructure in the UAE, serving our financial institutions, corporations, and people, and supporting our competitive economy.
"The large value and retail payments systems regulations will help facilitate smooth, secure, and efficient conduct of transactions. The retail payments regulation will also provide a level playing field to advance innovation and competition, and financial inclusion."
The two regulations were published in the Official Gazette on 31st January 2021 and are now in effect.
The total value of fund transfers among the UAE’s banks amounted to Dhs745.27 billion in January 2021, according to the statistics released by the Central Bank of the United Arab Emirates.
NAMA Women Advancement Establishment (NAMA) and UN Women have shared the results of a 𠊋i-lingual survey jointly undertaken to determine the structural barriers for women-owned enterprises in the UAE and analyse
The UAE is all set to have its first AI driver evaluation hub using the latest technology that will enable a data-based driver evaluation enhancing the existing procedures with a much deeper, biometric, insight into the drivers’ behaviour.
DMCC, the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise, has unveiled prototypes of a new series of gold and silver bullion coins that celebrate the achievements of the UAE over the last 50 years. The coins will be made available for purchase after Ramadan. Announced at the 2022 edition of the Dubai
The European Central Bank is watching for signs of stress in the bank sector from the ongoing financial turmoil but a full-blown crisis is unlikely for now, the ECB’s top brass said on Wednesday. Investors are pondering whether the ECB will be able to continue raising rates to fight inflation given turmoil in the banking sector that has seen two US lenders go
The Sharjah Chamber of Commerce and Industry (SCCI) has organised an introductory meeting for the Sectoral Business Groups, following the reformation of five groups that operate under its umbrella. The meeting sought to bolster communication within the emirate’s private sector and identify challenges and opportunities for development in order
Inspired by UAE’s announcement of 2023 as the “Year of Sustainability”, Almoe Group of Companies and Brother Middle East & Africa held a tree-planting drive in conjunction with GEMS Education and Tadweer Waste Management, rallying students to emerge as key stakeholders in environmental conservation. The impact-driven initiative saw over 400