Central Bank of UAE announces updating the Regulations of Stored Value Facilities in the UAE

In a press release issued yesterday on the 3rd of November 2020, the UAE Central Bank announced issuing of a new updated regulation on Stored Value Facilities (SVF). Stored Value Facilities (e-wallets, top-up cards, and gift cards, etc.) are channels that help users to store money digitally and make digital payments or transactions. The new regulation was rolled out to enhance security and boost the country’s digital payment services.

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