Network International Secures SVF License from Central Bank of UAE
Network International LLC (Network), a key player in digital commerce across the Middle East and Africa (MEA) region, has announced its acquisition of a stored value facility (SVF) license from the Central Bank of the UAE.
This milestone achievement will fortify Network’s role in boosting the UAE’s growing digital payment landscape.
The issuance of this license underscores Network’s commitment to supporting FinTech and Financial Institutions while contributing to the advancement of the UAE’s digital economy. With SVF licensure, Network gains the capability to facilitate prepaid card issuance and wallet provisioning for its partners and customers.
The Central Bank of the UAE introduced the Stored Value Facilities Regulation in 2020 as part of its efforts to adapt to the evolving realities of the payments sector while prioritizing resilience to safeguard consumers’ interests.
Nandan Mer, Group CEO of Network International, expressed gratitude to the Central Bank of the UAE for entrusting Network with the responsibility to enrich the digital economy through the issuance of stored value products. Mer emphasized Network’s dedication to playing a pivotal role in the UAE’s digital economic growth, aligning with the organization’s mission of empowering businesses and economies.
Navneet Dave, Managing Director and Co-Head of Processing – Middle East at Network International, highlighted the company’s commitment to leveraging this achievement to uphold the integrity, productivity, and security of the UAE’s digital payment ecosystem.
Dave emphasized Network’s focus on broadening financial inclusion and accelerating the nation’s transition towards a cashless economy.
The acquisition of the SVF license marks a significant move for Network International, positioning it to further drive innovation and foster financial inclusivity in the UAE’s dynamic digital payment landscape.
