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Thursday 25 April 2024


Thursday 25 April 2024

The CBUAE enhances SupTech initiative as part of its Financial Infrastructure Transformation Programme

Press Release

Tuesday 23 April 2024


Tuesday 23 April 2024

Al Etihad Payments launches Open Finance to strengthen the financial services sector in the UAE

Press Release

Monday 22 April 2024


Monday 22 April 2024

The Central Bank: banks & finance companies may defer personal and car loans installments for six months to overcome the repercussions of the weather condition

Press Release

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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.

Policies

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.

 

PFMI Assessment

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Last updated on: Friday 05 August 2022

Total visitors 3100