The UAE Banks Federation (UBF) has announced that Dubai will host SIBOS 2029, an annual conference and networking event organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). This selection underscores global confidence in the UAE’s prominent position in the financial and banking sector, as well as its critical role in advancing the payments...
The Central Bank of the United Arab Emirates (CBUAE) has announced that it will maintain the base rate applicable to the overnight deposit facility at 5.40%. This decision, made on November 1, 2023, aims to support the UAE’s economic stability and growth. Credit: HiDubai Focus The CBUAE emphasized that the decision aligns with its commitment...
The Central Bank of the United Arab Emirates (CBUAE) has released comprehensive guidelines for residents seeking compensation for damaged, torn, or incomplete banknotes. As the regulatory authority overseeing the banking and insurance sectors, the CBUAE aims to promote financial stability and consumer protection. The guidelines ensure that compensation is distributed fairly, adhering to strict verification...
The Central Bank of the UAE (CBUAE) and the Central Bank of the Republic of Azerbaijan (CBAR) have formalized a memorandum of understanding (MoU) aimed at enhancing cooperation in the financial sector. This agreement marks a significant step in fostering bilateral ties between the two nations. The MoU was established following a visit to the...
The Central Bank of the UAE (CBUAE) and the Central Bank of the Republic of Azerbaijan (CBAR) have signed a Memorandum of Understanding (MoU) aimed at boosting cooperation and the exchange of expertise within the financial sector. The agreement was signed in Abu Dhabi by His Excellency Khaled Mohamed Balama, Governor of CBUAE, and His...
Fuze, a rapidly growing financial infrastructure provider in the Middle East, has obtained a Retail Payment Services and Card Schemes (RPSCS) license from the Central Bank of the UAE (CBUAE). This approval allows Fuze to operate as a regulated payment services provider in the region through its subsidiary, Niobe Payment Services LLC SPC. With this...
Five banks and two insurance companies in the United Arab Emirates have been penalized a total of AED 2.62 million for failing to adhere to tax regulations, as announced by the Central Bank of the UAE (CBUAE) on Tuesday. The CBUAE reported that the penalties were imposed after the entities did not comply with the...