Guide to the UAECB RPSCS License

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10 Leaves

18 episodes

2 weeks ago

A boutique consultancy in the DIFC and the ADGM.

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A boutique consultancy in the DIFC and the ADGM.

Business

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Guide to the UAECB RPSCS License

10 Leaves

22 minutes 41 seconds

10 months ago

Guide to the UAECB RPSCS License

The UAE Retail Payment Services and Card Schemes (RPSCS) Regulation, introduced by the Central Bank of the United Arab Emirates (CBUAE) in July 2021, marked a significant milestone in the country's digital payment landscape. This comprehensive guide will explore the key aspects of the RPSCS license, its requirements, and its impact on the UAE's financial sector.

The RPSCS regulation came into force on 15th July, 2021, with a one-year transitional period for existing payment service providers and card schemes to obtain the relevant licenses. This new regulatory framework aims to enhance the safety, soundness, and efficiency of retail payment services while promoting innovation and establishing the UAE as a leading payment hub.