Dubai 24 Apr 2024:
Network International LLC (Network), a leading enabler of digital commerce across the Middle East and Africa (MEA) region, has announced that it has obtained a stored value facility (SVF) licence from the Central Bank of the UAE.
This licence will enable Network to further support the UAE’s growing digital payment ecosystem.
As an SVF licensee, Network can better support FinTech and Financial Institutions and enable its partners and customers to support prepaid card issuing and wallet provisioning, among other things.
The Central Bank of the UAE issued the Stored Value Facilities Regulation in 2020 as part of the UAE’s endeavours to accommodate evolving payments sector realities while maintaining its focus on resilience across the sector to safeguard consumers.
Nandan Mer, Group CEO of Network International, said: “We thank the Central Bank of the UAE for its confidence in Network’s capabilities to enrich the digital economy by granting us a licence to issue stored value products. As a homegrown institution and a payment solutions leader, we look forward to playing a larger role in the development of the UAE’s digital economy in line with our organization’s purpose of empowering businesses and economies.”
