Dubai Plans New Payment System in DIFC

DUBAI — Dubai plans to launch a new settlement system for payments to try to enhance its appeal as a regional hub for processing financial transactions, under a new law enacted by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Shaikh Mohammed enacted the Dubai International Financial Centre’s new Payment System Settlement Finality, or PSSF, Law, which creates the legal foundation for building a regional transaction processing hub in the DIFC that is to provide payment systems and other ancillary services. The law, announced on Sunday, is the first such legislation in the Gulf region.
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