Digital wallets

The digital thrust within the financial sector and government economic initiatives has led to the emergence of digital wallets prompting wide-ranging innovation from Fintech organizations. The GCC region is witnessing a burgeoning digital payment market with a significant number of market players offering a multitude of diverse services. 

In line with the financial objectives of contributing to a ‘cashless economy’, enhancing safety and efficiency of payment system infrastructure and protecting consumers, regulators across GCC are setting up the regulatory framework including licensing requirements for digital wallets.

This document provides an overview of the GCC digital wallet landscape, services offered by digital wallets in the region and common challenges faced by applicants looking to enter into the market. We have explored the regulatory landscape, frameworks and regulatory expectations through the licensing and set-up journey.

We have identified solutions that Deloitte provides throughout the licensing journey to prospective entities with a view of assisting during the licensing journey and set-up of operations in line with the regulatory requirements across GCC regions.

How Deloitte can help

Our Digital Wallet Services enable our clients to obtain a license from their respective regulator and establish their business operations.
Our Digital Wallet Licensing and set-up services include the following in line with the regulatory requirements for the jursidictions:

• Conducting Market Research and Feasibility Study
  
• Design of business model/ value proposition
• Development of business plan and financial plan
• Development of Organizational structure
• Development of policies and procedures
• Independent assessment of licensing application pack
• Set up of key control functions
• Support in responses to queries by the regulator
• Development/ Review of Models for decision making and monitoring
• Managed services and loan staffing arrangements