The Banking Executive Magazine - April 2022 Issue

Linking Payment Systems Across GCC ISSUE 160 APRIL 2022 the BANKING EXECUTIVE 23 Sheikh Mohammed ANNOUNCES PLANS TO LINK PAYMENT SYSTEMS ACROSS GCC The UAE Cabinet has adopted an agreement to link the payment sys- tems of the Gulf Cooperation Coun- cil (GCC) countries. No further details are available about the agree- ment. This was among the several resolu- tions adopted during the Cabinet meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The Cabinet also adopted unified standards to license family counsel- ing professionals. “The goal is to … help families by providing the best specialists to provide advice,” Sheikh Mohammed tweeted. The UAE will also set up coordina- tion offices with its foreign missions in several countries to coordinate and support humanitarian work. A federal strategy for digital economy has been adopted as well.