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Central Bank of the UAE (CBUAE)

CBUAE Revokes License of Al Nahdi Exchange Over Compliance Failures

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The Central Bank of the UAE (CBUAE) has revoked the license of Al Nahdi Exchange and removed its name from the Register, in accordance with Article (137) of Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments. The decision follows examinations conducted by […]

The post CBUAE Revokes License of Al Nahdi Exchange Over Compliance Failures appeared first on Fintechnews Middle East.

Lean Technologies Among First to Gain UAE Approval Under New Open Finance Framework

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Lean Technologies, a financial infrastructure provider based in the MENA region, has received In-Principle Approval (IPA) from the Central Bank of the UAE under the country’s new Open Finance Framework. The IPA positions Lean as one of the first companies to offer regulated Open Finance services in the UAE, advancing its path toward full licensing. […]

The post Lean Technologies Among First to Gain UAE Approval Under New Open Finance Framework appeared first on Fintechnews Middle East.

UAE Central Bank Partners with Mercury to Launch Unitey for National Payments Infrastructure Overhaul

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The Central Bank of the United Arab Emirates (CBUAE) and Mercury, a UAE-based fintech firm specialising in payments infrastructure and services, have announced the establishment of a joint venture, Unitey Business Services. The initiative is aimed at supporting the CBUAE’s Financial Infrastructure Transformation (FIT) programme by strengthening the operations of the UAE’s national financial market […]

The post UAE Central Bank Partners with Mercury to Launch Unitey for National Payments Infrastructure Overhaul appeared first on Fintechnews Middle East.

UAE Banks to End OTPs via SMS and Email Starting 25 July

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Starting Friday, 25 July, banks in the UAE will no longer send one-time passwords (OTPs) via SMS or email for any financial or electronic transactions, including both domestic and international transfers. The move follows new directives from the Central Bank of the UAE (CBUAE) aimed at strengthening the nation’s digital banking security framework, according to […]

The post UAE Banks to End OTPs via SMS and Email Starting 25 July appeared first on Fintechnews Middle East.

UAE Central Bank Suspends Bank’s Islamic Window Onboarding, Imposes AED 3.5M Fine

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The Central Bank of the UAE (CBUAE) has suspended the onboarding of new customers to the Islamic Window of a bank operating in the UAE for a period of six months and imposed a financial penalty of AED 3,502,214. This action was taken in accordance with Article 137 of Decretal Federal Law No. (14) of […]

The post UAE Central Bank Suspends Bank’s Islamic Window Onboarding, Imposes AED 3.5M Fine appeared first on Fintechnews Middle East.

UAE Central Bank and China’s CIPS Partner to Enhance Cross Border Payment Efficiency

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The Central Bank of the UAE (CBUAE) and CIPS, the operator of China’s Cross Border Interbank Payment System, have signed a MoU to strengthen cooperation in payment infrastructure and improve the efficiency of cross border transactions between the UAE and China. Under the agreement, both parties will collaborate on initiatives aimed at supporting the use […]

The post UAE Central Bank and China’s CIPS Partner to Enhance Cross Border Payment Efficiency appeared first on Fintechnews Middle East.

UAE Central Bank Revokes Sundus Exchange License Over Major AML Breaches

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The Central Bank of the UAE (CBUAE) has revoked the license of Sundus Exchange, an exchange house operating within the UAE, and has removed its name from the register of licensed entities. In addition, a financial penalty of AED 10 million has been imposed in accordance with Article (14) of Federal Decree Law No. (20) […]

The post UAE Central Bank Revokes Sundus Exchange License Over Major AML Breaches appeared first on Fintechnews Middle East.

China and UAE Ink Deal to Boost Cross-Border Payment Cooperation

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China’s Cross-Border Interbank Payment System (CIPS) and the Central Bank of the United Arab Emirates (CBUAE) have signed a MoU to strengthen cooperation on cross-border payments, the People’s Bank of China (PBOC) announced. According to the statement by the PBOC, which oversees and regulates CIPS, the agreement is expected to enhance payment infrastructure and improve […]

The post China and UAE Ink Deal to Boost Cross-Border Payment Cooperation appeared first on Fintechnews Middle East.

UAE Central Bank Fines Six Exchange Houses AED 12.3 Million Over AML Breaches

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The Central Bank of the UAE (CBUAE) has imposed financial penalties totalling AED 12.3 million on six exchange houses operating in the country. These sanctions were issued in accordance with Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and the financing of illegal […]

The post UAE Central Bank Fines Six Exchange Houses AED 12.3 Million Over AML Breaches appeared first on Fintechnews Middle East.

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