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Benefits of obtaining a payment system license:
The payment service provider license in the UAE is issued in accordance with an updated EPSR. According to the provisions of the Regulation, the company can apply for the 4 types of licenses:
In order to obtain a PSP license in the UAE you will need to apply to the CBUAE, located in Abu Dhabi. The exception in this case applies only to UAE licensed commercial banks, which can be authorized according to a simplified scheme.
Regarding the PI licensing regime in the UAE, there are some requirements that apply to all 4 categories of licenses.
The main requirement for those, who plan to obtain a payment system license in the Emirates, is that they must prove that their business belongs to one of the 4 categories indicated above. In addition, the applicant must located in the Emirates, or in the Free Zone (the exception applies to entities from free financial zones).
You will also have to convince the CB, that you have the relevant knowledge and experience required to offer E-payment services in the manner prescribed by the requirements.
Entrepreneurs, applying for obtaining a PSP license in the UAE is also required to fulfill the following requirements regarding share capital and to implement and proof:
Among other things, the process of business licensing for providing payment services requires compliance with user registration conditions, including the KYC. The company must also fulfill liabilities aimed at CFT, as well as ensuring the safety and transparency of transactions.
In addition, if you want to obtain a PSP license in the Emirates, it will be necessary to introduce certain security mechanisms for consumer protection, including:
It is also important to note that the company ordering a PI license in the UAE will have to meet with privacy and data protection liabilities, including:
Confidential information may be submitted to regulatory authorities only with the permission of the CBUAE or by decision of the UAE court.
All information presented above is published for informative purposes, and cannot be perceived by the reader as legal advice or recommendations for action. Please, note that obtaining a payment institution license in the UAE is a complicated process that requires a responsible approach and reliable support.
If you have any questions regarding the payment system licensing process in the Emirates, IQD Consulting specialists are ready to provide you with comprehensive legal advice on obtaining a PI license.
In addition, our experts provide accompanying services at all stages of obtaining a license. We are ready to help you in collecting a package of documents for a PSP license in the UAE, registering a company in the Emirates, and provide other related services.
You can learn more details about our services, or to order legal advice on licensing a payment institution in the UAE, by filling out the feedback form, or by calling our office right now through the contacts listed below.
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