Victoria Woods, Partner, Head of Commercial Practice Group and Rachel Ashley, Associate from Hadef & Partners discuss the regulation of e-payments in the UAE as businesses cash-in on cash-less solutions in a new article published in The In-House Lawyer publication.
In recent times, we have seen the introduction of the concept of ‘cashless’ ways to pay for goods and services, offering more convenience and security benefits than traditional payment methods. There are e-wallets, retail-based digital reward exchanges, there is direct carrier billing, and there is even the ability to pre-load cash onto mobiles, wristbands and other gadgets to spend later. Getting on board with evolving consumer demands might well be key to giving your business the competitive edge, but if you are using or planning to introduce any of these types of digital or e-payment methods into your business, you would be wise to consider the associated legal and regulatory issues. The nature of the precise activities to be undertaken by your business may mean that you will need Central Bank or other approvals to keep you compliant in the UAE.
Link below for the full article.
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Hadef & Partners LLC is a long-established full service UAE business law firm, founded in 1980 by Dr Hadef Al Dhaheri, who served as UAE Minister of Justice from 2008 – 2014 before returning to the firm.
The firm is one of the oldest and largest in the UAE, with more than 90 international and regional lawyers in offices in Abu Dhabi and Dubai, and has a deep understanding of the laws and traditions of the region.
Further information on the firm can be found on our website: www.hadefpartners.com
© Press Release 2017
