UAE Central Bank is discussing initiatives to enable instant payments

UAE is currently well underway with initiatives to implement a financial market infrastructure that will enable instant payments in the country, according to the Central Bank of the UAE.

The move is part of the country’s efforts to “support the transformation of the payment landscape in the UAE,” according to the regulator. Officials from the UAE discussed the significance of the consumer protection framework. This included complaint management and a discussion of the planned establishment of a Sanadak Ombudsman unit. Sanadak will be a Middle Eastern consumer complaint resolution mechanism that allows for easy access and quick resolution of consumer complaints.