UAE Introduces New Rules to Usher Digital Payment ERA

Jay Krishnan, Partner

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HLB HAMT - Accounting Firm in UAE

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    Digital payment platforms are no strangers to our shores. New technological advancements are popping up in the digital arena on a regular basis. As a result, the wind sweeping through the specific sector heralds a storm that is beginning to create a resonance in the Middle East.

    The Central Bank of the United Arab Emirates (CBUAE) has released the Retail Payment Services and Card Schemes Regulation, the fourth step in the process of preparing the UAE for the new dawn of the digital payment era. The Retail Payment Services and Card Schemes Regulation is the CBUAE’s attempt to ensure consumer safety when it comes to retail payment services and payment card scheme operations.

    The regulation establishes a licensing framework for payment service providers who operate or intend to operate one or more of the UAE’s nine payment services or payment card schemes.

    Payment account issuance, payment instrument issuance, merchant acquisition, domestic and cross-border cash transfers, payment tokens, payment aggregation, payment initiation, and payment account information services are just a few of the services available.

    Khaled Mohamed Balama, governor of the CBUAE, said: “Digital innovation is rapidly reshaping the provision of domestic and global payment services, and the Central Bank of the UAE is embracing this innovation. We promote digital payments and support competition and innovation as well as the concept of interoperability while setting high standards for safety and risk management.”

    The new regulations kicked in recently, and current payment service providers and card schemes have been allowed a one-year grace period to get the necessary license from the apex bank of the UAE. Balama also added, “The recent set of payment regulations promotes the pivotal role of CBUAE in fostering digital innovation while maintaining the safety and integrity of payment systems and services. CBUAE will always provide a solid foundation as the guardian of the financial infrastructure systems stability.”

    The Stored Value Facilities Regulation, which was revised in November 2020 to promote the growth of e-wallets issued by financial institutions and fintech businesses, was the onset of CBUAE’s regulatory upgrading journey. The Large Value Payment Systems Regulation and the Retail Payment Systems Regulation followed the publication of the Stored Value Facilities Regulation. These regulations provide licensing and designation regimes for big value and retail payment systems, laying forth specific standards that are critical to the financial system.

    Due to the Covid-19 pandemic, consumers are more trusting of digital payments because safety and convenience have been top of mind for them over the last year.

    In the future, new payment technologies such as digital currencies and wallets, wearables, biometrics, contactless, and QR codes are expected to surge in popularity as consumers get more comfortable with and understand them, reducing the use of currency.

    To satisfy the growing enthusiasm for the future state of remittance, a broader selection of payment solutions, insights, and technological updation is required to fulfill the need for developing payments and choices. Businesses that can accommodate numerous payment and shopping options are best positioned to whet the appetite of consumers around the globe.

     

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    Varun R Chandra
    Varun R Chandra
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    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
    Giuseppe Assi
    Giuseppe Assi
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    I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
    Mohamed Sheriff
    Mohamed Sheriff
    16:16 28 Jun 20
    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
    218141 JOSEPH THOMAS
    218141 JOSEPH THOMAS
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    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
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    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
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    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
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    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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    Expo 2020 Dubai to showcase a Splendid Extravaganza

    This Colossal event to act as a Catalyst for the Growth of Business in UAE

    Lavin Nalinababu, Business Consultancy

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      World Expositions, which take place every five years and last for a period of six months, are one of the world’s oldest and largest international events. The unexpected COVID-19 pandemic has thrown a wrench into activities all around the world, including the much-anticipated Expo 2020. Originally slated to take place in October 2020, this gala event was postponed for a year and will take place in Dubai this year under the theme “Connecting Minds, Creating the Future.” People from all walks of life are invited to attend the festival, where they will have the opportunity to learn, explore, grow, and enjoy exchanging ideas and working together.

      TICKET PRICES ANNOUNCED

      As the global mega-event is around the corner, the officials of Expo 2020 Dubai have unveiled the prices.

      The major event will be held from October 1, 2021, to March 31, 2022, and a single admission ticket will cost Dh95, while a six-month season pass would cost Dh495 with unlimited entry. Visitors under the age of 18 with students holding valid student ID and ‘people of determination’ will be admitted for free at any time, with a 50% discount for the accompanying person, while visitors aged 60 and over are also admitted free of charge. Expo 2020 tickets grant access to all pavilions, events, and live performances, allowing visitors to take advantage of the Expo’s dynamic, diverse, and ever-changing entertainment program, which includes up to 60 live activities ranging from world-class music, dance, art to thought-provoking lectures and lively national day celebrations.

      According to the Dubai government, the tickets will go on sale worldwide from 18 July 2021 at expo2020dubai.com and will also be available to purchase via more than 2,500 authorized ticket resellers, including online travel agencies, tour operators, hotel groups, and airlines from more than 100 markets across the world.

      Compared to the previous Expo, 2015 held in Milan, the goal of this Expo 2020 is to inspire people by offering a platform for the greatest instances of global collaboration, innovation, cooperation and also to transform the way people see the world by telling cultural stories through 192 country pavilions.

      UAE Minister of State for International Cooperation Director-General and Expo 2020 Dubai Bureau, Reem Al Hashimy says “Excitement is building, and we are ready to welcome everyone to an unmissable six-month celebration, the likes of which the world has yet to experience. No two days at Expo will be the same, and with so much on offer, every guest will be inspired to visit as many times as possible, to experience the collaborative power of innovation and collaboration, and to participate in the making of a new world.”

      BUSINESSES TO BE REVAMPED

      With the arrival of Expo 2020, change is coming to Dubai, bringing with it a once-in-a-lifetime chance for anybody starting up or relocating their business here. It’s a high-profile event that will offer the UAE some much-needed favorable publicity. Dubai is the first city in the Middle East, Africa, and South Asia (MEASA) regions to hold a World Expo, demonstrating the growing importance as a global leader in the industry. The forthcoming worldwide exposure will enhance industries like tourism, hospitality, and retail, as well as push the boundaries in construction, sustainability, finance, and cutting-edge communications.

      Any occurrence of events of this magnitude results in an increase in employment and skilled employees. Expo 2020 Dubai is expected to generate a plethora of possibilities with a large pool of talented individuals and create more than 270,000 new jobs in the UAE. It is also the right time for firms to leverage their products and services and go a bit further to reach your market and increase profitability.

      A strong economy serves as a launching pad for new business opportunities. While Dubai has always been a good investment for everyone from startups to multinational organizations, the event is projected to bring in up to $35 billion in revenue, as well as up to $150 billion in foreign investments through industries including retail, hospitality, and real estate.

      The six-month duration of this mammoth event will give entrepreneurs and SMEs the opportunity to network with other organizations, businesses, and institutions from across the world and form long-term profitable relationships. It will also be a place to learn how your company may profit more from untapped areas of market opportunities in the near future. World Expos are unparalleled in terms of scale and influence among international events. With tourists, publicity, and a boost to the economy, it’s critical and high time for companies to seize the opportunity before it’s too late.

      Expo 2020 Dubai aspires to harness the potential of global cooperation and innovation in order to emerge stronger and united than ever from the current crisis. The organizers toil hard to assure health and safety in this prevailing covid 19 crisis, which includes the installation of sanitization stations across the site, the wearing of obligatory face masks, the application of social-distancing regulations, and progress is being made to keep the event preparation on track without any difficulties.

       

      Would you like to rate us on Google?         

       

      Varun R Chandra
      Varun R Chandra
      07:38 25 Apr 21
      HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
      Giuseppe Assi
      Giuseppe Assi
      06:20 31 Jan 21
      I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
      Mohamed Sheriff
      Mohamed Sheriff
      16:16 28 Jun 20
      Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
      218141 JOSEPH THOMAS
      218141 JOSEPH THOMAS
      16:20 23 Jun 20
      Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
      PMI
      PMI
      07:14 23 Jun 20
      In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
      RAVI CHOKSI
      RAVI CHOKSI
      08:28 21 Jun 20
      Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
      Maharajan Subramaniam
      Maharajan Subramaniam
      18:17 06 Jun 20
      High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
      Mohammed L
      Mohammed L
      08:07 05 Jun 20
      We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
      ROY ROSHAN VIVIAN
      ROY ROSHAN VIVIAN
      06:32 04 Jun 20
      Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
      Basil Daniells
      Basil Daniells
      05:55 03 Jun 20
      I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
      Amar Kashyap
      Amar Kashyap
      19:28 02 Jun 20
      Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
      Radz de Jesus
      Radz de Jesus
      16:03 02 Jun 20
      We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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