Akhil Rao

Key insights from the #SARB Payments Study released yesterday on dominant #payment methods and the reasons behind their popularity: 1. Cash: Despite digital alternatives, cash remains the dominant payment method, especially for everyday transactions like groceries, transport, and small purchases.  2. Debit Cards: Debit cards are the second most popular payment method, particularly for higher-value transactions such as retail shopping, transport, and home maintenance.  3. Mobile and #InternetBanking: The adoption of mobile and internet banking has grown since the pandemic, particularly for online purchases and utility payments. 4. #DigitalPaymentMethods: While digital payment methods, including virtual cards and app-based payments, are gaining traction, their adoption is still limited, especially among older generations and low-income groups due to a lack of financial literacy and trust in digital platforms. 5. Crypto Assets (2%): Crypto assets have not yet taken off as a mainstream payment method, primarily used for investments rather than day-to-day transactions. Why These Methods Dominate: 1. Convenience & Accessibility: Cash is easy to access, especially through ATMs and cashback options, while debit cards offer a safer, hassle-free alternative for larger transactions. 2. Costs: Cash and debit cards are perceived as low-cost payment methods, with fewer hidden fees compared to credit cards or digital payment methods. 3. Trust & Familiarity: Consumers trust traditional payment methods like cash and cards more, especially in a market where financial literacy levels and digital trust are still developing. https://lnkd.in/dxtEG6hD

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𝗦𝘂𝗺𝗺𝗮𝗿𝘆 𝗼𝗳 𝗦𝗔𝗠𝗔'𝘀 𝗘𝗹𝗲𝗰𝘁𝗿𝗼𝗻𝗶𝗰 𝗪𝗮𝗹𝗹𝗲𝘁 𝗥𝘂𝗹𝗲𝘀 The Saudi Central Bank (SAMA) has introduced the Electronic Wallet Rules to strengthen the regulatory framework for digital payments and enhance the security, transparency, and efficiency of electronic wallet services. These rules set clear requirements for licensed companies and ensure alignment with best practices in financial services. 💡 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗥𝘂𝗹𝗲𝘀: 𝙎𝙘𝙤𝙥𝙚 𝙤𝙛 𝘼𝙥𝙥𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣: • Applicable to SAMA-licensed entities providing electronic wallet services in Saudi Arabia. 𝙍𝙚𝙦𝙪𝙞𝙧𝙚𝙢𝙚𝙣𝙩𝙨 𝙛𝙤𝙧 𝙒𝙖𝙡𝙡𝙚𝙩 𝙊𝙥𝙚𝙧𝙖𝙩𝙞𝙤𝙣𝙨:  • Clear classification of wallets for individuals, minors (through guardians), businesses, and entities like public benefit committees and endowments. • Mandatory verification processes, including linking IDs to wallets and validating user contact details. 𝘿𝙖𝙩𝙖 𝙈𝙖𝙣𝙖𝙜𝙚𝙢𝙚𝙣𝙩 𝙖𝙣𝙙 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚: • Periodic updates to client data every three years or as required. • Robust fraud prevention mechanisms with compliance oversight. 𝙄𝙣𝙖𝙘𝙩𝙞𝙫𝙚 𝙒𝙖𝙡𝙡𝙚𝙩𝙨: • Defined as dormant (12 months inactivity), unclaimed (24 months), and abandoned (60 months). Each category has specific handling procedures under senior management and compliance supervision. 𝙅𝙪𝙙𝙞𝙘𝙞𝙖𝙡 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚: • Execution of court orders for disclosure, asset seizure, and blacklisting. • Ensures confidentiality and compliance with legal limits on fund seizures. 𝘼𝙣𝙩𝙞-𝙈𝙤𝙣𝙚𝙮 𝙇𝙖𝙪𝙣𝙙𝙚𝙧𝙞𝙣𝙜 (𝘼𝙈𝙇) 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚: • Strong identity verification for single-payment contracts and proactive measures against financial crimes. ________________________________________ 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗻 𝘁𝗵𝗲 𝗦𝗲𝗰𝘁𝗼𝗿: These rules are a significant step towards ensuring the stability and integrity of the electronic payments ecosystem in Saudi Arabia. They emphasize consumer protection, robust governance, and the importance of compliance in fostering trust and innovation in the financial sector. 🚨 𝙇𝙞𝙘𝙚𝙣𝙨𝙚𝙙 𝙚𝙣𝙩𝙞𝙩𝙞𝙚𝙨 𝙢𝙪𝙨𝙩 𝙘𝙤𝙢𝙥𝙡𝙮 𝙬𝙞𝙩𝙝 𝙩𝙝𝙚𝙨𝙚 𝙧𝙪𝙡𝙚𝙨 𝙬𝙞𝙩𝙝𝙞𝙣 90 𝙙𝙖𝙮𝙨 𝙤𝙛 𝙥𝙪𝙗𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣. 𝙁𝙤𝙧 𝙨𝙩𝙖𝙠𝙚𝙝𝙤𝙡𝙙𝙚𝙧𝙨, 𝙩𝙝𝙞𝙨 𝙢𝙖𝙧𝙠𝙨 𝙖𝙣 𝙤𝙥𝙥𝙤𝙧𝙩𝙪𝙣𝙞𝙩𝙮 𝙩𝙤 𝙖𝙡𝙞𝙜𝙣 𝙤𝙥𝙚𝙧𝙖𝙩𝙞𝙤𝙣𝙨 𝙬𝙞𝙩𝙝 𝙩𝙝𝙚 𝙣𝙚𝙬 𝙛𝙧𝙖𝙢𝙚𝙬𝙤𝙧𝙠 𝙖𝙣𝙙 𝙘𝙤𝙣𝙩𝙧𝙞𝙗𝙪𝙩𝙚 𝙩𝙤 𝙖 𝙧𝙚𝙨𝙞𝙡𝙞𝙚𝙣𝙩 𝙖𝙣𝙙 𝙨𝙚𝙘𝙪𝙧𝙚 𝙙𝙞𝙜𝙞𝙩𝙖𝙡 𝙚𝙘𝙤𝙣𝙤𝙢𝙮. Dr. Abhishek Jajoo Komal Dhoot Vivek Mundhra Rizwan khan Ajit Jain CA Gaurav B. P Satish Menon Rajkumar TR Rupesh Jalan #AJMSGlobal #DigitalPayments #FinancialRegulations #Compliance #SaudiArabia

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🌟 Exciting News in Cross-Border Payments! 🌟 🚀 The Central Bank of the United Arab Emirates (CBUAE) has successfully launched the Minimum Viable Product (MVP) platform for wholesale cross-border payments and settlement under Project mBridge! 🌐 This marks a significant milestone in the world of cross-border payments. 🔑 Key Takeaways: 🌍 CBDCs are gaining traction: The mBridge project highlights the growing acceptance of CBDCs as a viable solution for cross-border payments. 🤝 Collaboration is key: Successful implementation of cross-border CBDC projects requires strong collaboration between central banks and financial institutions. 💸 Benefits for all: mBridge offers the potential for faster, cheaper, and more transparent cross-border transactions, benefiting businesses and individuals alike. ✨ The mBridge project is a groundbreaking development in the financial services industry. Its progress will be closely watched by everyone interested in the future of cross-border payments. Stay tuned for more updates! 📈🔍 #FinTech #CBDC #CrossBorderPayments #Innovation #Finance #CBUAE #mBridge 🌐💰

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📢 CBO issues draft open banking framework for Consultation The Central Bank of Oman (CBO) recently issued its draft ‘Open Banking Regulatory Framework’ (OBRF) for public consultation. The release of the draft hashtag hashtag #OBRF is in line with the CBO’s ‘Fintech Framework and Roadmap’ announced in 2022. Among the several initiatives thereunder was an ‘Open Banking API Strategy’ in which the apex bank sought to develop a framework for the sector and has duly delivered on the initiative. The OBRF takes into consideration the latest technological advancements and global best practices in relation to open banking, having had the opportunity to benchmark against regional and globally existing frameworks. Key aspects include: 👉Regulatory Framework: Establishes a licensing and regulatory framework for open banking covering key aspects such as data and consumer protection, ongoing governance and compliance, fair business conduct, and participant exit plans. 👉API Standards: Provides API specifications addressing architectural styles, data formats, version control, error handling, testing, lifecycle management, and governance. 👉Technology Framework: Establishes technical enablers for open banking focusing on two types of platforms including an API management platform and a consent management platform. It also provides an outlook on the potential monetisation models for open banking APIs. 👉Data Security: In recognising the significance of data and information in enabling open banking, the OBRF provides a guideline for participant organisations in developing robust controls to safeguard themselves, their customers, and the broader ecosystem against data and information security threats. The establishment of the OBRF is a welcome initiative that is in line with global and regional regulatory trends to regulate and enable the open data sector. Other Arab countries including Jordan, UAE, Bahrain, and KSA have already instituted robust frameworks for open banking/finance and Oman’s OBRF will greatly add to these initiatives in the region. Further, the implementation of an open banking framework could significantly boost Oman’s fintech market increasing healthy market competition while encouraging collaborative initiatives between incumbent institutions and FinTechs. The draft framework is currently available for public review, allowing relevant stakeholders to deliberate and share their thoughts before the OBFR is enacted into law. KARM Legal frequently collaborates with Central Banks and monetary authorities to assist with policy initiatives like this one, while consistently supporting the fintech ecosystem by focusing on fostering innovation through regulation. #regulatoryupdate #consultationpaper #openbanking Read the consultation here - Consultation of Open Banking Regulatory Framework (OBRF) https://lnkd.in/gtNHgJaX

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Fime to Support Set Up of UAE’s Domestic Card Scheme (Jaywan) Lionel Grosclaude, CEO at Fime, adds: “Fime is proud to be facilitating the growth of digital transactions in the UAE in partnership with Al Etihad Payments. Our experts will support the country on its path to digitalization using an industry-leading combination of global payments knowledge and local insight.” https://lnkd.in/er5tbGbe Central Bank of The UAE Jan Pilbauer #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Buna (The Arab Regional Payments Clearing and Settlement Organization) poised to transform cross-border payments in the Arab region and beyond Read the full article: https://bit.ly/3Ns0Jbn Buna was officially launched in February 2020 by the Arab Monetary Fund (AMF) and operates under the framework of the Arab Regional Payments Clearing and Settlement Organization (ARPCSO). ARPCSO was specifically established by the AMF to govern and oversee Buna’s operations, ensuring it provides an efficient and secure cross-border payment infrastructure. It was designed to reduce reliance on costly and slow traditional systems by enabling multi-currency payments in both regional and international currencies in real-time. By facilitating faster and more transparent payments, Buna and ARPCSO together aim to foster economic integration across the Arab region, enhancing trade, remittances, and investment flows. Currently, Buna facilitates payments across six currencies—US dollar (USD), euro (EUR), Saudi Riyal (SAR), Egyptian Pound (EGP), Jordanian Dinar (JOD), and Emirati Dirham (AED). With over 110 financial institutions onboard, Buna processes approximately 15,000 transactions per month, with a growth rate of 15% month-on-month. During a recent conversation, Mehdi Manaa, CEO of Buna, provided insights into its vision, achievements, and strategic expansion into new markets, including Africa, India, Pakistan and Europe. European Central Bank, Swift, Visa, Mastercard Foo Boon Ping 胡文彬, TAB Global #FinancialInclusion #CrossBorderPayments #MultiCurrencyPayments #AntiMoneyLaundering #CentralBankDigitalCurrencies #TradeFlows #EconomicIntegration #RealTimePayments #FinancialTechnology #Remittances #PaymentInfrastructure #GlobalPartnerships #RegulatoryCompliance #DigitalTransformation #ArabEconomies #TheAsianBanker #TABGlobal

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Central Bank of UAE enhances cross-border open finance interoperability through ‘Project Aperta’ https://lnkd.in/dSi7aGUg Association of Certified Financial Crime Specialists - ACFCS ACFCS MENA Chapter #UAECB #crossborder #governance #regulations #guidelines

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The UAE Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regulations require Designated Non-Financial Businesses and Professions (DNFBPs) to implement transaction monitoring practices as a part of their AML/CFT framework. Transaction monitoring enables DNFBPs to spot suspicious activities or transactions.  Our latest blog article elaborates on the importance of transaction monitoring, how transaction monitoring helps in fighting financial crimes, the legal obligations of DNFBPs concerning transaction monitoring, and best practices for the effective implementation of the transaction monitoring process. Check out the article now! Article Link: https://lnkd.in/dAnsMmAy #AML #AMLCFT #AMLCompliance #AntiMoneyLaundering #DNFBPs #Compliance #Risk #AMLSoftware #TransactionMonitoring #TransactionMonitoringSoftware

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Standard Chartered launch #digitalasset custody service in the UAE after being granted a licence by the Dubai Financial Services Authority (DFSA) within DIFC #uaefintech #fintechuae #fintech #fintechnews #finance #financialtechnology #technology #tech #technews #UAE #cryptonews #digitalcurrency #cryptocurrency #crypto #bitcoin #ethereum Brevan Howard Brevan Howard Digital

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Standard Chartered Launches Digital Asset Custody Service in the UAE Bill Winters, Group Chief Executive of Standard Chartered Bank said: “The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry. We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance. With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.” https://lnkd.in/enfR7UUx وسيم بن خضراء Wasim Ben Khadra Kate Matthews Margaret Harwood-Jones Steven Hu Roel Louwhoff Brevan Howard Digital Gautam Sharma #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Arab Financial Services Secures $50 Million Capital Injection This strategic investment will empower AFS to innovate, expand, and elevate our market position,' stated Samer Soliman, AFS Chief Executive Officer. 'By leveraging technology and AI, we are committed to delivering exceptional value to our shareholders and customers through enhanced products and services. https://lnkd.in/ezkduw7z Tawfik Mahmoud Maryam Hasan Cecille Daphne Espanola Charles Gill Abdelmeguid Afifi Ghassan Mardini Ebrahim Jassim #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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EBAday Roundtable: Navigating the Testing Waters of Bank Transformation #payments #banking #EBAday #instantpayments #ISO20022 Fascinating insights from the EBAday roundtable on navigating bank transformation! Key takeaways: 1- Top payment priorities: • Instant payments regulation (75% of audience) 2- ISO 20022 migration (58% of audience) 3- Challenges: • Major regulatory changes (especially for global institutions) • Legacy technology • Balancing compliance with innovation • Fraud prevention and real-time processing for instant payments • Too many priorities & lack of talent 4- Opportunities for collaboration: • Request to Pay (53% of audience) • One leg out credit transfer schemes (45% of audience) 5- Expert advice: • Think strategically about future regulations • Leverage partnerships and existing infrastructure ️• Invest in core infrastructure and user experience • Prioritize talent and project management What are your biggest challenges and opportunities in bank transformation? #digitaltransformation #financialtechnology #tech #financialservices #innovation #neurobay

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Careem Pay also introduced a remittance feature enabling direct transfers from the UAE to businesses abroad, starting with India. Read here: https://lnkd.in/gReSAsN8 -with Abhishek Tripathi #fintech #remittance #payments #moneytransfer

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First Abu Dhabi Bank (FAB) Completes Programmable Payments Pilot With JPM Coin "...This successful pilot opens up the possibility of a dynamic and automated funding and settlement solution to FAB and J.P. Morgan’s mutual clients,” the release said. “This solution will enable clients to benefit from Onyx’s real-time and/or event-based programmable capabilities.” The pilot included FAB’s successful completion of time-based and threshold balance-based account funding into deposit accounts to execute a payment obligation, according to the release. This innovation can provide flexibility to clients, enable banks to build a wide range of programmable scenarios, and allow treasurers to transition from cash forecasting to dynamic or just-in-time funding, the release said..." #programmable #payments #JPMcoin #Onyx #blockchain JPMorganChase PYMNTS Naveen Mallela Peter Rathgeb Lutz Karl Sandeep K. _________________________________ If you want to immediately see new content that I curate 👉🏻 Ring my bell (🔔) and follow #informationbanker or Informationbanker and if you want to get the posts that got noticed in my weekly What’d I miss newsletter, subscribe here: "https://lnkd.in/d5_KvWwu"

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#BreakingNews: The Central Bank of the United Arab Emirates (#CBUAE) has successfully launched the Minimum Viable Product (MVP) platform for wholesale cross-border payments and settlement under Project #mBridge! This marks a significant milestone in the world of cross-border payments. CBDCs are gaining traction: The mBridge project highlights the growing acceptance of CBDCs as a viable solution for cross-border payments. Successful implementation of cross-border CBDC projects requires strong collaboration between central banks and financial institutions. Benefits for all: mBridge offers the potential for faster, cheaper, and more transparent cross-border transactions, benefiting businesses and individuals alike. The mBridge project is a groundbreaking development in the financial services industry. Its progress will be closely watched by everyone interested in the future of cross-border payments.

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Mastercard Joins Buna (The Arab Regional Payments Clearing and Settlement Organization), the Arab Regional Payment System Alan Marquard, Head of Transfer Solutions, Mastercard, said: “Today’s announcement is a major milestone in unlocking fast, transparent and cost-efficient cross-border payments into and out of the MENA region. “The collaboration leverages existing infrastructure and connections, avoiding the need for major investments or adjustments from banks while allowing them to service their consumer and corporate clients more effectively. It also underscores Mastercard commitment to improving cross-border payments by connecting existing systems and boosting their reach and efficiency.” https://lnkd.in/d6sUvHNj Natalie Gharib Mehdi Manaa Faisal Alhijawi Ahmed El Hefnawy Lara Makhoul Onur Kursun Amelia Naidoo Mustapha Kassem #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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