Latest news with #financialtransactions
Khaleej Times
19 hours ago
- Business
- Khaleej Times
UAE: Soon, pay digitally in stores, give pocket money online with Digital Dirham
UAE residents and visitors will soon be able to pay friends, give pocket money to children and shop at commercial outlets completely digitally. The Digital Dirham project, which will be a digital alternative to physical money, will make financial dealings easy and seamless. This is according to a report published by the Central Bank of UAE (CBUAE) on the project. Although a date has not been specified as to when the project will be rolled out, the issuance of the Digital Dirham is expected to take place in the last quarter of the year 2025 for the retail sector. Once launched, the Digital Dirham will be an alternative to physical money and can be used for a wide range of payments, including online, in-store, commercial payments and transactions between people. Stay up to date with the latest news. Follow KT on WhatsApp Channels. The CBUAE has also developed a comprehensive platform for issuing, trading, and using the digital dirham, including the digital wallet, which enables individuals and businesses to conduct financial transactions. Use cases The report highlights that as part of the retail project, the CBUAE tested four digital economy use cases to assess the feasibility and effectiveness of the Digital Dirham. These use cases included fractional ownership of tokenised assets, a smart tourist wallet, smart social benefit payments, and a parent-child sub-wallet. In the social benefits use case, the Ministry of Community Development (MOCD) distributed food subsidies via programmable Digital Dirham. The MOCD could programme where the amount could be spent and monitor the distribution and usage of government benefits in real time. The CBUAE created a prototype Digital Dirham App, which allowed users to select their wallet provider, conduct payments, top up their accounts, acquire the currency, redeem it, and carry out specified use cases. Gradual introduction The Digital Dirham will be gradually introduced with a detailed implementation plan and policy guidance. This phased rollout will ensure secure adoption and building trust. Within the UAE, it will be a non-interest-bearing central bank digital currency (CBDC) and people will be encouraged to use it primarily as a means of payment rather than a substitute for savings. It will be fully fungible with other forms of the dirham like cash and deposits. The retail Digital Dirham will also support peer-to-peer (P2P), online and in-store payments, business-to-consumer (B2C), business-to-business (B2B), and government-to-consumer (G2C) transactions. As part of the second phase, the CBUAE is exploring developing other cross-border CBDC arrangements. The CBUAE will collaborate with other central banks, foreign and domestic commercial banks, industry partners like exchange houses and international bodies to ensure interoperability and connectivity. Report The report further reviews the key achievements of the project to date and gives an analysis of the ongoing research and development, as the CBUAE moves towards officially launching the national CBDC. It highlights the design principles and policy frameworks that have shaped the development of the Digital Dirham. These steps ensure that the currency remains secure, reliable and easy to use, in line with best practices and standards issued by the International Monetary Fund (IMF) and the Bank for International Settlements (BIS). The report outlines the capabilities of Digital Dirham and its role in driving innovation and financial inclusion. It will give access to those who are unbanked and non-residents in the UAE, improving speed of transactions and increasing the efficiency of payment systems through features such as offline usability, smart contracts and cross-border transactions.
Bloomberg
4 days ago
- Business
- Bloomberg
Lawmakers Look to Wean Chile Off Its Capital Markets Stalwart
After almost 60 years, Chilean lawmakers are debating whether the time has come to restrict the use of an inflation-linked accounting unit that has come to dominate the country's financial transactions. Created in 1967 to prevent rampant inflation choking off long-term lending, the Unidad de Fomento, or UF, accounts for nearly all mortgages and most long-term corporate borrowing. But its use has also spread to rental contracts, health and car insurance and school fees.
Bloomberg
17-07-2025
- Business
- Bloomberg
Brazil Judge Backs Part of Lula Tax Decree, Easing Budget Strain
Brazil's Supreme Court upheld much of President Luiz Inacio Lula da Silva's decree that increased taxes on financial transactions, providing the embattled leftist a fiscal boost ahead of next year's election. The decision, handed down by Supreme Court Justice Alexandre de Moraes late Wednesday, reinstates the bulk of the so-called IOF tax whose increases Congress voted to overturn in June. Moraes struck down just one measure related to the taxing of supply-chain financing operations known as 'forfait.'
Yahoo
16-07-2025
- Business
- Yahoo
Half-year report on Pluxee N.V.'s liquidity contract as of June 30, 2025
Regulated information Half-year report on Pluxee N.V.'s liquidity contract as of June 30, 2025 Pursuant to the liquidity contract entered into by Pluxee N.V. with BNP Paribas, the following assets appeared on the liquidity account as of June 30, 2025: 198,165 Pluxee N.V. ordinary shares €6,347,475 During the period from January 1, 2025 to June 30, 2025, the following transactions were performed: Purchasing of 718,910 ordinary shares amounting to €14,773,178 (4,467 transactions). Disposal of 719,962 ordinary shares amounting to €15,127,389 (4,431 transactions). It is reminded that: In the previous half-yearly report as of December 31, 2024 the following assets appeared on the liquidity account: 200,439 Pluxee N.V. ordinary shares €5,878,911 During the period from July 1, 2024 to December 31, 2024, the following transactions were performed: Purchasing of 972,323 ordinary shares amounting to €19,626,472 (6,377 transactions). Disposal of 848,300 ordinary shares amounting to €17,195,841 (5,661 transactions). The following assets appeared on the liquidity account as of January 31, 2024 (start of contract): €10,000,000 About Pluxee Pluxee is a global player in Employee benefits and Engagement that operates in 29 countries. Pluxee helps companies attract, engage, and retain talent thanks to a broad range of solutions across Meal & Food, Wellbeing, Lifestyle, Reward & Recognition, and Public Benefits. Powered by leading technology and more than 5,000 engaged team members, Pluxee acts as a trusted partner within a highly interconnected B2B2C ecosystem made up of more than 500,000 clients, 37 million consumers and 1.7 million merchants. Conducting business for more than 45 years, Pluxee is committed to creating a positive impact on local communities, supporting wellbeing at work for employees and protecting the planet. For more information: Contacts Media Cecilia de Pierrebourg +33 6 03 30 46 98 Analysts and Investors Pauline Bireaud+33 6 22 58 83 Pluxee_PR Half Year Report on the Liquidity Contract_16072025
Khaleej Times
07-07-2025
- Business
- Khaleej Times
Some UAE residents miss school fees, medical payments after Al Ansari remittance delay
Some UAE residents who sent remittances over the weekend via Al Ansari Exchange said on July 7 that their families back home have yet to receive the money. The transactions that were supposed to be completed in minutes got delayed for more than 48 hours for some customers. The delay, caused by a technical glitch, happened on a busy weekend, when many expats — after getting their monthly salary — sent money back home earmarked for household expenses, education, rent, medical bills, and other expenditures. 'The money I sent on Saturday night is still sitting pretty in their (Al Ansari Exchange) system,' Indian expat S.P. told Khaleej Times, adding: 'I checked with them yesterday (July 6) and they were blaming NEFT (National Electronic Funds Transfer) collapse. I checked again today (Monday) and the money is still not yet credited to my family's bank account in India." 'I called an Al Ansari branch in Dubai and the staff admitted they experienced some 'technical issues' and assured the system will be up and running soon,' noted the Dubai-based Indian resident. 'Minor technical issue' In a statement sent to Khaleej Times on Monday, Al Ansari Exchange said: 'On Saturday, July 5, a minor technical issue was identified that affected the processing of certain financial transactions at Al Ansari Exchange, a wholly owned subsidiary of Al Ansari Financial Services PJSC, resulting in the unintentional transfer of funds to a small number of customer accounts." Al Ansari Exchange said their 'team responded immediately in close coordination with the relevant financial institutions, and the vast majority of the amounts were successfully recovered". 'We emphasise that regular daily transactions have not been impacted by this incident and continue to be processed as usual," the company underscored, noting: 'Additional preventative measures are being implemented to further strengthen our systems and prevent such occurrences in the future." Al Ansari Exchange also issued an apology 'for any inconvenience caused to those affected and thanked all parties for their cooperation and understanding". A quick call by Khaleej Times to one of Al Ansari Exchange branches on Monday confirmed the 'technical glitch' in the system on Saturday. 'It caused delays in processing the transactions. The system is back to normal today (Monday), but some customers might still experience some delays due to the backlogs over the weekend,' the staff added. 'I incurred a penalty' Marlon, a Filipino expat who has been using Al Ansari Exchange services for almost a decade, said it was the first time he encountered a delay in sending money to the Philippines on July 5. 'Unfortunately, the timing was so bad because I was not able to beat the deadline to pay for my son's school fees. Because of the delay, I incurred a penalty for late payment,' he told Khaleej Times. Dubai-based Kenyan expat Zee also experienced a delay in sending money for her mother's medical expenses. 'Every month, I send around Dh500 for my mother's medicines for diabetes and high blood pressure. There should be no delay for her to receive the money as it is very important for her medical condition,' she said. Both Marlon and Zee are still waiting for confirmation from their respective families if they have received the money. Popular among UAE residents Al Ansari Exchange is recognised as 'the UAE's largest remittance and foreign exchange company' and a subsidiary of Al Ansari Financial Services PJSC. It offers instant online money transfers to India and several other countries, including the Philippines, Pakistan, Bangladesh, Sri Lanka, Egypt, UK, and more. According to its website, Al Ansari Exchange 'has a network of over 260 branches, employing over 4,000 multilingual staff who cater to more than 3 million customers every month with fast, reliable and efficient service at very competitive rates.' The company also has a mobile app that contributes to around 14 per cent of the total number of transactions. Al Ansari Exchange is popular among UAE residents for its annual Dh1 Million Al Ansari Millionaire Promotion. Albert Rioflorido, a Filipino customer living in the UAE for the past 12 years, was named as this year's winner. The promotion, which ran from March 1 to May 29, attracted millions of participants who entered the draw by conducting qualifying transactions at the branch network and digital platforms. The UAE is the third-largest sender of remittances in the world, after the US and Saudi Arabia. Last year, Indian expats based in the UAE sent $21.6 billion to India, equivalent to 19.2 per cent of the total dollar inflows, ranking the UAE as the second-largest source of global remittance after the US.
