On 1 January 2018, the Central Bank of the United Arab Emirate’s (CBUAE’s) Regulatory Framework for Stored Values and Electronic Payment Systems (EPS) came into effect. On a regional level, the Framework seeks to encourage the adoption of secure digital payments in the region and position the country as a digital leader in the region, while also fostering greater financial inclusion in the U.A.E. It mandates that those providers offering digital payment services in the U.A.E. must store user and transaction data in the country for five years from the date of the transaction or from when the user relationship ends. This data must be kept confidential and can be made available only to the user, CBUAE, other regulatory authorities upon authorization by the CBUAE, or by court order. All such data must also be physically stored in the U.A.E. and therefore transfer of such data is restricted.

Digital-world consumers expect banks to securely step up their technology game


Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.

Collaborative Payments Ecosystem Boosts Customer Centricity


Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.

New payments ecosystem key enablers


The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2


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