Finance World Magazine| Edition: January 2024

UAE Central Bank Joins GCC Payments System ‘Afaq’ to Drive
FinTech Adoption
The UAE Central Bank has joined
the GCC’s Afaq payments system,
operated by Gulf Payments
Company, to advance financial
technology (FinTech) adoption. Afaq
links payment systems in GCC countries,
facilitating real-time financial transactions
in local currencies with reduced fees.
This move aligns with the central bank’s
strategic objectives to shape the UAE’s
FinTech and digitisation landscape by
supporting innovation and payment
systems initiatives. The participation in
Afaq aims to provide secure and instant
payment platforms, enhancing integration
within the regional payment ecosystem.
The UAE Central Bank joins Saudi Arabia,
Bahrain, and Kuwait as members, with
Barclays becoming the first UAE lender
to join Afaq.
Beyond ONE
Introduces FRiENDi
Pay in Saudi Arabia
Digital services provider and
TMT-sector investment
company, Beyond ONE, has
unveiled FRiENDi Pay, a
digital mobile wallet service in Saudi
Arabia. The new offering aims to
streamline remittances, cut costs,
and enhance efficiency for FRiENDi
mobile subscribers. With access to
banking services, the service facilitates
seamless and instant international
money transfers to countries like
Bangladesh, India, Pakistan, and the
Philippines. FRiENDi Pay supports
cash-to-account (CTA), account-toaccount
(A2A), and wallet transfers.
Given Saudi Arabia’s significant
expatriate population, constituting 40
percent of its residents, who regularly
send remittances, FRiENDi Pay adds
convenience, transparency, and peace
of mind for customers in the remittance
process.
SCA-Registered Green Bonds and Sukuks
Surpass $4.2B in 2023
Green and sustainability-linked
bonds and sukuk registered
with the Securities and Commodities
Authority (SCA) in
the UAE have achieved a combined
value of around AED 15.45B ($4.21B)
in the first 11 months of the year.
Mohamed Ali Al Shorafa, Chairman of
the SCA Board, commended the UAE’s
commitment to sustainability during
Abu Dhabi Commercial Bank (ADCB)
is set to sell an 80% stake in its property
management services subsidiary,
Abu Dhabi Commercial Properties
(ADCP), to Nine Yards Plus Holding,
a subsidiary of Ethmar International
Holding. The transaction values ADCP
at AED 591M ($161M), with ADCB
expected to gain nearly AED 490M
($133.4M) upon closing before the
end of December. ADCB will retain
a 20% stake in ADCP and continue
its partnership through a long-term
relationship agreement. Ala’a Eraiqat,
ADCB’s Group Chief Executive,
stated that the transaction unlocked
substantial value for shareholders
while positioning ADCP for further
growth. Established in 2006, ADCP
manages around 51,000 units across
1,900 properties.
COP28, emphasising the authority’s
role in regulating the issuance of such
bonds and sukuk. Al Shorafa highlighted
the SCA’s decision to exempt
companies listing their green or sustainability-linked
bonds or sukuk from
registration fees, marking a significant
step in meeting the growing demand
for these financial instruments in the
local market.
ADCB to Sell 80% Stake in Abu Dhabi
Commercial Properties, Expects $133M Gain
January 2024 www.thefinanceworld.com 13