UAE Central Bank grants Network International SVF licence

Network International LLC has recently obtained a stored value facility (SVF) license from the Central Bank of the UAE, marking a significant milestone in the company’s efforts to support the UAE’s growing digital payment ecosystem. As a leading enabler of digital commerce in the Middle East and Africa region, Network International will now be able to enhance its support for FinTech and Financial Institutions in the UAE.

The SVF license will allow Network International to offer services such as prepaid card issuing and wallet provisioning to its partners and customers. This move is expected to contribute to the development of the UAE’s digital economy and promote financial inclusion in the region.

Nandan Mer, Group CEO of Network International, expressed gratitude to the Central Bank of the UAE for entrusting the company with the license to issue stored value products. He emphasized Network International’s commitment to empowering businesses and economies through its payment solutions.

The Central Bank of the UAE introduced the Stored Value Facilities Regulation in 2020 to adapt to the changing landscape of the payments sector while ensuring consumer protection and sector resilience. Network International’s Managing Director and Co-Head of Processing – Middle East, Navneet Dave, highlighted the company’s dedication to upholding the integrity, productivity, and security of the UAE’s digital payment ecosystem.

With this new license, Network International aims to accelerate the transition to a cashless economy in the UAE and contribute to the country’s digital transformation. The company’s focus on innovation and financial technology is expected to drive further growth in the region’s digital commerce sector.