Al Etihad Payments Company Profile

Background

Al Etihad Payments (AEP), established in 2023 as a subsidiary of the Central Bank of the United Arab Emirates (CBUAE), serves as the national payments entity responsible for developing and operating the UAE's financial market infrastructure. AEP's mission is to establish and operationalize best-in-class payment services and infrastructure, contributing to financial stability and financial inclusion in the country. The company's vision is to be the world’s leading payments authority, delivering best-in-class payment solutions for the benefit of the nation.

Key Strategic Focus

AEP's strategic objectives include:

Providing Innovative Payment Solutions: Implementing innovative, interoperable, and enabling payments infrastructure, allowing licensed financial institutions and payment service providers to enhance customer experience through advanced payment solutions.

Adhering to International Compliance Requirements: Ensuring compliance with the highest international standards and best practices, such as the Principles for Financial Market Infrastructures.

Financials and Funding

As a subsidiary of the CBUAE, AEP is funded by the central bank and operates as a non-profit entity. Specific financial details are not publicly disclosed.

Pipeline Development

AEP has launched and is developing several key payment platforms:

Aani: An instant payments platform enabling real-time fund transfers using mobile numbers, email addresses, or QR codes. Aani processes transactions in less than 10 seconds and offers services such as proxy payments, QR-code-based payments, request to pay, and split payments.

Jaywan: The UAE's domestic card scheme designed to localize debit card transactions, ensuring that payment-related data is processed and stored within the UAE. Jaywan aims to minimize the economic cost of electronic payments, benefiting end users, merchants, and licensed financial institutions.

Technological Platform and Innovation

AEP's technological initiatives include:

Aani Platform: Offers real-time money transfers using mobile numbers, email addresses, and QR codes, enhancing the user experience by guaranteeing transaction processing in less than 10 seconds.

Jaywan Card Scheme: Aims to promote card transactions within the UAE, ensuring that payment-related data is processed and stored domestically, thereby enhancing both the efficiency and security of card payments.

Leadership Team

Jan Pilbauer: Chief Executive Officer. Pilbauer has been instrumental in leading AEP's initiatives, including the launch of Aani and the development of Jaywan.

Andrew McCormack: Chief Operating Officer. McCormack has played a key role in AEP's strategic initiatives, focusing on enhancing the UAE's digital payment ecosystem.

Leadership Changes

No recent significant leadership changes have been reported.

Competitor Profile

Market Insights and Dynamics

The UAE's payment industry is experiencing rapid growth, driven by digital transformation initiatives and a shift towards a cashless society. The market is characterized by increasing adoption of digital payment solutions and a focus on enhancing financial inclusion.

Competitor Analysis

Network International: A leading payment solutions provider in the Middle East and Africa, offering a range of services including merchant acquiring and card processing.

First Abu Dhabi Bank (FAB): Offers comprehensive payment solutions, including card issuance and merchant services, leveraging its extensive banking network.

Mashreq Bank: Provides innovative payment solutions, including digital wallets and contactless payments, catering to a diverse customer base.

Strategic Collaborations and Partnerships

AEP has established several strategic partnerships to enhance its offerings:

UnionPay International: AEP signed a strategic agreement with UnionPay International to launch co-badge "UnionPay – Jaywan" cards in the UAE market, enabling seamless local and international transactions.

PCI Security Standards Council: AEP joined the PCI Security Standards Council as an Affiliate Member to help define and influence PCI Data Security Standards in the UAE region.

Operational Insights

AEP's strategic considerations include:

Enhancing Financial Inclusion: By developing platforms like Aani and Jaywan, AEP aims to provide accessible and efficient payment solutions to all segments of the UAE population.

Ensuring Security and Compliance: AEP adheres to international standards and best practices to maintain a secure and compliant payment infrastructure.