Central Banking

Dubai to set up new Middle East payments system


The Dubai International Financial Centre (DIFC) is to create a real-time regional payments hub in a bid to boost the emirate's financial services industry.

Sheikh Mohammed Bin Rashid Al Maktoum, Dubai's head of state, on Sunday signed into law a bill which will allow the emirate to establish the hub.

The law, which is the first of its kind in the Gulf, provides the legal framework for a real-time automated payments system which will facilitate payments between DIFC and banks in both the financia

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