Strateg6 | Payments Consulting’s Post

While the Retail Payment Activities Act established a legal framework for the Bank of Canada to supervise payment service providers, the recently published final Retail Payment Activities Regulations establish obligations respecting operational #riskmanagement, end-user funds safeguarding, registration and reporting, and enforcement. Payment service providers affected should assess the Regulations’ potential impact and prepare for registration with the Bank of Canada in 2024. Full details in our bulletin: https://bit.ly/412kFrm #financialservices #fintech #financialservicesregulatory #regulatory Brigitte Goulard | Peter Aziz | Marissa Daniels | James Flynn

📣 The final regulations for the Retail Payment Activities Act are out now in the Canada Gazette, Part II. 👇 Find out how these regulations will impact payment service providers. https://bit.ly/3MTohpP #FinTech

Getting Ready for the Retail Payment Activities Framework - New Guidance Regarding Registration and Supervisory Expectations #payments #banking #finance #Canada

Shared my thoughts with Rachel Clare M. regarding BNPLs and the recent UAE regulations, and how these developments can promote more conscientious purchasing.

For payment service providers and facilitators operating in Canada, the new Retail Payment Activities Act introduces wide-ranging oversight of these previously unregulated business activities. #paymentscanada #canadapayments #payfac #psps #bankofcanada #rpaa

Last month, the Central Bank of the UAE introduced a new set of rules for BNPL products and services to monitor companies that offer credit and protect the consumers by bringing in stricter requirements on who can offer BNPL schemes. “The increased transparency of BNPL fees in the new regulation is expected to drive consumer awareness and trust, which can lead to higher adoption and usage. As consumers become more informed about the associated costs and terms, it will likely contribute to more responsible spending patterns and sustainable adoption of BNPL,” Salima Gutieva, Visa’s VP and Country Manager for UAE. Hosam Arab, Co-founder and CEO, Tabby says, “We will inform all UAE customers of changes to our terms and conditions, should they need to be updated to meet regulatory requirements.” “My spending decisions are solely based on my real money, avoiding reliance on credit or BNPLs with interest,” says Hoda Ghavidel, a Dubai-based luxury retail and fashion strategist and founder of Mood La Mode.

Stephen Yun, Senior Analyst of Market Insights at Payments Canada is featured in The Paypers' 2023 Payment Methods Report. In the article he provides a sneak peek into the findings from Payments Canada's 2023 Canadian Payment Methods and Trends report coming out this October. Learn more about the payment attitudes and behaviours of Canadians in 'Driving forward digital payments' on pages 76-77: https://bit.ly/3RD38TZ #PaymentTrends #PaymentsMatter

Dubai-based lender Mashreq has joined forces with Singaporean lender DBS, paving the way for the Middle Eastern bank’s retail customers to make same-day, near-instant cross-border payments in certain markets, the two banks said on Thursday. The service, which is powered by DBS Globesend, will allow Mashreq’s retail customers to make peer-to-peer international payments in selected markets across the Asia Pacific, Europe and the Americas. DBS Globesend covers up to 132 currencies across 190 markets. Furthermore, cross-border payments to Singapore and Hong Kong can be tracked end-to-end in real time. The demand for e-commerce transactions has increased worldwide, and global cross-border payment flows are also projected to exceed $250tn by 2027, up from almost $150tn in 2017, according to the Bank of England. DBS Bank | Mashreq | #InstantPayments | #CrossBorderPayments

2024 is poised to be a pivotal year for payments and open banking in Canada, representing the culmination of many years of consultation and development of new federal regulatory frameworks in both areas. In the latest article of our Dentons’ Pick of Canadian Regulatory Trends to Watch in 2024 series, Lisa Ford and Ana Iordache discuss the implications of the Retail Payment Activities Act, anticipated changes to the Canadian Payments Act and plans to implement a new legislative framework governing consumer-driven banking. Read more: https://lnkd.in/g8SV4B7F #Payments #OpenBanking #Regulatory #Finance #FinancialServices

2024 is poised to be a pivotal year for payments and open banking in Canada, representing the culmination of many years of consultation and development of new federal regulatory frameworks in both areas. In the latest article of our Dentons’ Pick of Canadian Regulatory Trends to Watch in 2024 series, Lisa Ford and Ana Iordache discuss the implications of the Retail Payment Activities Act, anticipated changes to the Canadian Payments Act and plans to implement a new legislative framework governing consumer-driven banking. Read more: https://lnkd.in/eUQHN9p8 #Payments #OpenBanking #Regulatory #Finance #FinancialServices