UAE Central Bank Joins GCC Payments System Afaq
The move to join Afaq is the UAE Central Bank’s strategic objectives of shaping the future of the UAE’s financial technology and digitisation journey through supporting innovation and payment systems initiatives.
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The UAE Central Bank has joined the GCC’s Afaq payments system to boost the growth and application of financial technology. Afaq, a system operated by Gulf Payments Company, links payment systems in GCC countries, offering customers financial transactions in local currencies and in real time with lower fees.
“The move to join Afaq is in line with its strategic objectives of shaping the future of the UAE’s financial technology and digitisation journey through supporting innovation and payment systems initiatives. It will also provide secure and instant payment platforms and enhance integration with the regional payment ecosystem,” the UAE regulator said.
Alongside the UAE Central Bank, Barclays has also joined Afaq to become the first lender from the UAE to sign up, joining a number of other banks from the other three GCC countries.
“Other GCC central banks and commercial lenders will join in due course in line with an agreed work schedule,” the UAE regulator added.
The collaboration will be a mandatory step in building and developing a system that connects all payment systems in the GCC by establishing an independent company owned and funded by the central banks in the GCC.
