Fime has been selected by Al Etihad Payments, a subsidiary of the Central Bank of the UAE, to play a key role in the establishment of the UAE’s domestic card payment scheme, called Jaywan.
In a statement, the payment technology firm said it will set up a framework to simplify certification for scheme participants, supporting the scheme’s goals of boosting financial inclusion, sovereignty and economic stability in the region.
Under the scheme, banks and financial institutions in the UAE are expected to start issuing the payment card called Jaywan this quarter. It was reported recently that the process to roll out the scheme will take approximately two years.
Fime will also establish a specialised testing lab and a bespoke cloud-based testing and certification platform, powered by the Fime Test Factory to ensure the security, functionality and compliance of the payment scheme.
Additionally, to guide issuers, acquirers and vendors through the certification process quickly and easily, Fime’s experts will provide consulting support, on-demand technical assistance and managed services.
“The launch of the Jaywan scheme marks a significant stride towards our ambition of creating a robust digital payments ecosystem in the UAE and reducing dependence on cash transactions,” Jan Pilbauer, CEO at Al Etihad Payments said.
“Our experts will support the country on its path to digitalisation using an industry-leading combination of global payments knowledge and local insight,” Lionel Grosclaude, CEO at Fime added.
