Fintech & Open Banking Regulations in the GCC

DFSA FinTech: Fostering Innovation in Financial Services

This DFSA report provides an update on the DFSA's activities and outlines broader industry trends, with a focus on fostering innovation in financial services, particularly FinTech. It highlights the DFSA's strategy for the next two years, emphasizing delivery, sustainability, and engagement, and discusses the growth of the regulated population and the aggregate balance sheet of firms regulated by the DFSA.

DIFC Regulation 10 Accelerator Framework — AI and Autonomous Systems

DIFC Regulation 10 Accelerator Framework provides an environment for testing autonomous and semi-autonomous systems for privacy by design and compliance with Regulation 10. It allows developers, deployers, and operators to assess their systems using various standards and frameworks, acting as a bolt-on to existing regulatory sandboxes or as a standalone assessment.

Digital Dirham - Policy Considerations

This CBUAE working paper introduces the concept of the Digital Dirham, the UAE's upcoming digital currency. It explores policy considerations for its implementation, including its potential impact on monetary policy, payment systems, and financial inclusion. The paper also addresses potential risks related to financial stability and cybersecurity.

Digital Dirham (CBDC) Strategy

The Central Bank of UAE (CBUAE) launched its Central Bank Digital Currency (CBDC) Strategy, named "The Digital Dirham", as part of its Financial Infrastructure Transformation (FIT) Programme. The strategy aims to address domestic and cross-border payment inefficiencies, promote financial inclusion, and support the UAE's transition to a cashless society by implementing a CBDC.

Implementing Regulation of Law of Payments and Payment Services

This document is the Implementing Regulation of the Law of Payments and Payment Services issued by the Saudi Central Bank (SAMA). It outlines the rules and guidelines for payment services within Saudi Arabia, covering licensing, agent obligations, consumer protection, payment systems, and dispute resolution. The regulation aims to ensure the stability and security of payment services while promoting financial inclusion.

Open Banking Policy

This Open Banking Policy from the Saudi Central Bank (SAMA) outlines the initiative to develop open banking services in Saudi Arabia, aligning with Saudi Vision 2030 and the Financial Sector Development Program. It aims to foster innovation, enable secure data sharing with third parties, and enhance financial services for customers through collaboration between banks, fintechs, and other financial players.

Payment Services Provider Regulations

This document outlines the Payment Services Provider Regulations issued by the Saudi Arabian Monetary Authority (SAMA). It establishes the licensing requirements and operational guidelines for payment service providers operating within Saudi Arabia. The regulations cover various aspects, including licensing procedures for different types of providers and the scope of permissible payment services.

Regulatory Sandbox Framework

This Saudi Central Bank (SAMA) framework establishes a Regulatory Sandbox to foster financial technology (FinTech) innovation in line with the Kingdom's Vision 2030. It provides a 'safe space' for firms to test new digital solutions under specific conditions and limitations, allowing them to assess the impact of new technologies in the KSA’s financial services market.

CBB Rulebook Vol. 5 — Open Banking Regulatory Module 2023

This Central Bank of Bahrain (CBB) regulation outlines the framework for Open Banking, focusing on ancillary service providers like Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs). It establishes regulatory standards to ensure the security and integrity of customer data when accessing accounts through APIs, emphasizing risk management and customer protection.

FINAL Regulatory Sandbox Guidelines Executive Summary EN

The Regulatory Sandbox Guidelines document outlines an operational framework for implementing a regulatory sandbox in Qatar, aligned with the Digital Agenda 2030 and NDS3. It aims to enable safe experimentation with emerging technologies across finance, telecom, health, and other digital sectors. The guidelines provide a phased methodology for government agencies and regulators to deploy sandboxes.

FINAL Regulatory Sandbox Policy Executive Summary EN

Qatar's Regulatory Sandbox Policy establishes a framework for controlled experimentation of digital technologies under regulatory supervision. It aims to modernize the regulatory environment, enhance institutional capacity for digital regulation, and accelerate economic diversification through innovation, aligning with Qatar National Vision 2030 and the Digital Agenda 2030.

CBK E-Payment Services Chapter 1 — Organisational Governance

This document from the Central Bank of Kuwait (CBK) introduces updated instructions regulating electronic payment of funds, replacing Resolution No. 44/430 of 2018. It mandates that relevant entities take necessary actions to comply with the new amendments within three months of the effective date. The resolution aims to provide a framework for electronic payment services.

CBK E-Payment Services Chapter 2 — Circulars for Electronic Payment

This CBK regulation compiles circulars related to electronic payment services in Kuwait. It addresses various aspects of electronic payments, including fraud reporting, fee structures, payment links, BNPL services, cybersecurity, AML/CFT, and the use of POS devices. The regulation aims to provide guidance and controls for electronic payment service providers and related entities.

CBK Instructions for Regulating Electronic Payment of Funds 2023

CBK Resolution No. 45/47/1 of 2023 introduces instructions regulating electronic payment of funds in Kuwait. It revokes the previous Resolution No. 44/430 of 2018 and defines key terms related to electronic payments, electronic money, and the operation of e-payment systems. The regulation aims to provide a framework for electronic payment activities within the country.