THE ARAB MONETARY FUND PUBLISHES A DOCUMENT ON “BEST PRACTICES AND RECENT DEVELOPMENTS FOR DIGITAL WALLET PROVIDERS” IN THE FRAMEWORK OF THE ARAB REGIONAL FINTECH WORKING GROUP
The document sheds light on Best Practices and Recent Developments for Digital Wallet Providers
Enabling Competition and Increased Digital Wallet Providers’ Participation
Allowing direct licensing of Digital Wallet Providers within clear definition, requirements and regulations
Digital Wallet Providers’ Capitalisation to be Linked to the Size of Aggregate
E-Money Balances
In light of the increasing importance for promoting digital payments and the transition to digital financial services, the significant role played by digital wallet service providers has emerged to facilitate the adoption of innovative solutions for digital payments, enhancing financial inclusion and competition by providing new business models and use cases for digital financial services. Acknowledging this importance, the Arab Monetary Fund, through the Arab Regional Fintech Working Group, today issued guiding principles on “Best Practices and Recent Developments for Digital Wallet Providers”; as part of the AMF ongoing efforts to support digital financial transformation in the Arab countries, which plays a major role in enhancing financial inclusion and enabling innovative financial services.