UAE Central Bank Issues Payment System Regulation fully operational from February 2022

March 22, 2021by Admin0
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The UAE Central Bank (CBUAE) launched two new regulations concerning Large Value and Retail payment. The regulation applies to payments done in UAE or for those settlements with Dirhams outside UAE. It’s announced that system operators and settlement institutions of Large Payments must comply with this regulation by February 2022.

The Regulations were launched to provide strong, efficient, and accessible financial infrastructure in the UAE and are aimed at assisting our financial institutions, corporations, and help our competitive economy.

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Financial Infrastructure

The Regulations are necessary for financial stability and consumer protection and to help UAE’s international competitiveness. The Large Value Payment System (LVPS) Regulation aids wholesale payment systems and Retail Payment System (RPS) Regulation helps in the transfer of funds, clearing, and service settlements.

These Regulations will play an important role in the smooth, secure, and efficient running of transactions. Additionally, it will open the way to advance innovation, competition, and financial inclusion.

Source:https://gulfnews.com/business/banking/uae-central-bank-issues-regulations-on-payment-systems-including-large-value-transactions-1.1616047645211

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