New Regulations balance innovation in the payments sector with safety, security and maintaining the public’s trust in the UAE payment ecosystem.
After a long period of consultation, on 1 January 2017 the Central Bank in the United Arab Emirates (UAE) issued the Regulatory Framework for Stored Values and Electronic Payment Systems (Electronic Payment Regulation). The Electronic Payment Regulation’s key message is that all eligible participating institutions (whether they are banks, payment networks, telecommunications companies, government entities or non-issuing commercial entities) must maintain necessary licenses as well as governance and operational controls to ensure the integrity of the payments system and provide a minimum level of consumer protection and clarity on consumer rights.
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