In the presence of His Highness Sheikh Hamed bin Zayed Al Nahyan, Etihad Payments Company, owned by the Central Bank of the United Arab Emirates, and NBC International Payments Limited announced a strategic partnership to develop and launch the national system for local payment cards in the United Arab Emirates.
The partnership agreement was exchanged between Saif Humaid Al Dhaheri, Assistant Governor of the Central Bank for Strategy, Financial Infrastructure and Digital Transformation, Chairman of the Board of Directors of Etihad Payments Company, and Dilip Asby, Managing Director and CEO of NBC International Payments, representing NBC Payments Limited. “.
Through the establishment of Etihad Payments Company, the Central Bank seeks to implement the financial infrastructure transformation program launched by the Central Bank earlier this year, as the company will work to develop a strong, innovative, interoperable and payment-enabled financial infrastructure that allows licensed financial institutions and payment service providers The ability to develop and improve the customer experience through advanced payment solutions.
The partnership aims to develop the local payment card system, scheduled to be launched in early 2024. This system seeks to facilitate the growth of e-commerce and digital transactions in the UAE, enhance financial inclusion, support the digital transformation agenda, increase payment options, reduce the cost of payments, and enhance competitiveness. The UAE is a leading global center for digital payments.
“NBCI International Payments Limited” was commissioned following a comprehensive evaluation process, which included measuring the ability of the solutions provided by the company to meet the needs of consumers and create an integrated financial infrastructure.
The company will operate the local payment card system, in addition to providing fraud monitoring and data analysis services.
On this occasion, His Excellency Khaled Mohammed Balama, Governor of the UAE Central Bank, stressed the Central Bank’s keenness to translate the vision and directives of the wise leadership in accelerating the digital transformation of the financial services sector in the UAE, through the Financial Infrastructure Transformation Programme. This partnership reflects the commitment of the UAE Central Bank. By promoting the growth of digital payments.
He added: “Developing the local payment card system is an integral part of this program and another achievement added to payment card operations, which supports the growth of e-commerce transactions and ensures business continuity.”
For his part, Saif Humaid Al Dhaheri said: “Establishing a local payment card system in the UAE is a very important step towards achieving the country’s ambitious strategy in digital payments, which will contribute to facilitating the transformation of the financial sector, supporting financial inclusion, and enhancing the country’s economic flexibility. We are pleased to cooperate on a broader scale with our counterparts in India, and we are confident that we have chosen the ideal partners to complete this project with them. We look forward to establishing an innovation fund that aims to support payment systems in the Emirates and India and stimulate research and development activities, in a way that contributes to building and strengthening the capabilities of Emirati cadres. “In managing the local payment card system in an efficient and effective manner.”
In turn, Jan Bilbauer, CEO of Etihad Payments Company, said: “We are pleased to participate in launching the initiative of the local payment card system in the country under the umbrella of the Central Bank and within the framework of its strategic objectives, and in cooperation with NBCI International Payments Company Limited. We seek by applying the best technologies.” To enable licensed financial institutions in the country to provide consumers and all stakeholders in the financial sector with a more efficient payments infrastructure, supported by a firm commitment to contribute to achieving the digital ambitions of the UAE.”
2023-10-09 20:00:29
#presence #Hamed #bin #Zayed. #Etihad #Payments #signs #partnership #agreement #NBCI #develop #local #payment #card #system
