The UAE’s Central Bank has announced it has issued new Stored Value Facilities Regulations. They are aimed at ensuring stored value products and services are operated securely, well and efficiently. They are also aimed at giving FinTech companies and other non-bank payment service providers easier access to the local market while safeguarding the customers’ funds, ensuring proper business conduct and supporting the development of payment products and services. The regulation covers licensing, supervision and enforcement provisions which will apply to companies who are licensed to provide Stored Value Facilities services. Affected entities will have a year to comply from when the Regulation comes into force. Those who already have a Stored Value Facilities license under the previous regulatory framework may continue operating. However, they will have to implement all of the relevant measures set out in the new regulation by the end of the transition period.