Network International announced that it has obtained a stored value facility (SVF) licence from the Central Bank of the UAE that will enable it to further support the UAE’s growing digital payment ecosystem.

 

The procurement of the licence marks a major milestone in Network’s efforts to better support FinTech and Financial Institutions and help enhance the UAE’s digital economy. As an SVF licensee, among other things, Network will enable its partners and customers to support prepaid card issuing and wallet provisioning. 

 

The Central Bank of the UAE issued the Stored Value Facilities Regulation in 2020 as part of the UAE’s endeavours to accommodate evolving payments sector realities while maintaining its focus on resilience across the sector to safeguard consumers. 

 

Larger role

Nandan Mer, Group CEO of Network International, said: “We thank the Central Bank of the UAE for its confidence in Network’s capabilities to enrich the digital economy by granting us a licence to issue stored value products. As a homegrown institution and a payment solutions leader, we look forward to playing a larger role in the development of the UAE’s digital economy in line with our organisation’s purpose of empowering businesses and economies.”

 

Navneet Dave, Managing Director and Co-Head of Processing – Middle East, Network International, added: “We will leverage this achievement to further uphold the integrity, productivity and security of the UAE’s digital payment ecosystem, broaden financial inclusion, and accelerate the transition to a cashless economy.”--TradeArabia News Service