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Licencing regime introduced for UAE s retail payments service providers
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CBUAE issues new regulation for retail digital payments
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Airwallex scores Hong Kong SVF licence through acquisition of UniCard 04 March 2021
2 Melbourne-born Airwallex has acquired Hong Kong s UniCard Solutions, joining the likes of PayPal, AliPay and WeChat as a Stored Value Facilities (SVF) licensee under the territory s payment regulations. The Hong Kong Monetary Authority granted its first SVF licences in 2015 as a means to to promote competition and innovation in the payment sector. To date it has accumulated a list of 15 licensees.
Airwallex says it will continue to support UniCard s prepaid card product, while also providing Hong Kong businesses with new payment products for multi-currency, cross-border transactions. The firm says it intends to provide a one-stop shop for payments, collections, FX, cards and an API
China Digest: Airwallex buys UniCard; Sequoia invests in Houmo ai
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UAE: new regulations for stored value facilities and cryptoassets
Out-Law News | 14 Dec 2020 | 10:12 am | 3 min. read
Stored Value Facilities (SVFs)
The UAE Central Bank’s SVF Regulation (85 page / 1.9MB PDF), released in early November 2020, repeals and replaces the 2016 Regulatory Framework for Stored Values and Electronic Payment Systems (SVF Regulations). The new SVF Regulations substantially tighten up the existing regime and aim to ensure that all SVFs which are issued and operated in the UAE do so in a secure, sound and efficient manner.
Issuing and operating SVF in the UAE requires a prior license from the UAE Central Bank (CB) unless a firm is operating a single-purpose SVF. An example of a single-purpose SVF is a prepaid telephone card, which can only be used to pay for telephone services provided by the issuer. Marie Chowdhry, of Pinsent Masons, the law firm behind Out-Law, said: All other exclusions have been omitted from the regulations, meaning th