The Financial Regulatory Authority (FRA) has launched the first integrated digital payments network in the non-banking financial sector’s history, according to a statement.

In line with the strategic partnership with e-finance, the platform enables secure and unified digital payments.

It aims to facilitate access to regulatory and supervisory services provided by the FRA for all parties operating in non-banking financial activities.

Moreover, the platform will contribute to accelerating workflows, reducing reliance on paperwork, improving institutional performance, and reinforcing governance and transparency principles.

On his part, Mohamed Farid, Chairman of the FRA, stated that the launch supports the government's digital transformation strategy, which is a key pillar for driving economic growth, boosting market efficiency, and enhancing the investment climate.

The digital network will also allow entities registered within the authority to access their financial claims and settle them through secure electronic payment methods.

In this regard, they will manage to track their transaction history and operations, thereby enhancing workflow efficiency and raising the levels of governance and transparency within the markets.

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