The Central Bank of the UAE (CBUAE) has joined the AFAQ, which links payment systems in GCC countries, offering financial transactions in local currencies and in real-time with lower fees.
It's in line with the CBUAE's strategy to provide secure and instant payment platforms, and enhance integration with the regional payment ecosystem.
Along with the CBUAE, Barclays Bank also joined the AFAQ system, becoming the first financial institution operating in the UAE to achieve this step.
So far, Central Bank of Bahrain, Saudi Central Bank, and Central Bank of Kuwait have joined "AFAQ", which is operated by the Gulf Payments Company (GPC), in addition to a number of commercial banks from the three countries.
The remaining GCC Central Banks and commercial banks will join in due course, in line with an agreed work schedule.
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