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Payment System Supervision

Payment systems are a vital part of the financial sector. Alongside establishing, developing and operating payment systems,

the Central Bank of the UAE encourages increased participation by FinTech companies by licensing non-CBUAE payment systems meeting the established requirements, and supervising their compliance, risk controls and service delivery.

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The CBUAE identifies and mitigates any vulnerabilities that could potentially expose high payment system risk or general systemic risk to the country’s financial management infrastructure  

The CBUAE has adopted the Principles for Financial Market Infrastructures issued by the Committee on Payment and Settlement Systems (CPSS) and the International Organisation of Securities Commissions (IOSCO) for its oversight framework. The CBUAE primarily distinguishes between Designated (i.e., Systemically Important Systems) and non-Designated Financial Market Infrastructures, depending on their systemic importance.  

Payment System Supervision Methodology

The process of identification and mitigation of any vulnerabilities that could potentially increase payment system risk or general systemic risk is outlined below.

 

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Last updated on: Friday 05 August 2022

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