UAE Central Bank Issues New Digital Payment Regulations

As of January 1, 2017 the UAE Central Bank's new regulations for "stored value digital payments" came into effect. By proposing the Regulatory Framework for Stored Values and Electronic Payment Systems (Regulation), the new mandates establish binding licensing and related compliance agreements for electronic payment service providers (PSPs) operating in the UAE. The new Regulations aim to help facilitate the enhanced adoption of secure digital payments throughout the region.

According to the Governor of the Central Bank Mubarak Al Mansoori, the issuing of these regulations "is a landmark in supporting the government of UAE's vision to position the country as a global leader in digital services, via a knowledge-based and innovation driven economy. The regulations are also designed to foster financial inclusion in the UAE."