1. In accordance with Article (65) of the Central Bank Law, the provision of Stored Value Facilities is considered a Licensed Financial Activity and subject to the Central Bank’s licensing and supervision in accordance with the provisions of the Central Bank Law. In this connection, an Applicant must satisfy the licensing requirements set by the Central Bank for SVF issuance, and continue to do so on an ongoing basis as a Licensee.
    
2. The Applicant must be a company incorporated in the State, including free zones but excluding Financial Free Zones.
    
3. Applicants must meet, or demonstrate that they will meet upon License issuance, the ongoing requirements set out in Articles (7) to (14) of this Regulation applicable to Licensees, in particular:
    
   1. 3.1. The requirements regarding financial resources as set out in Article (7) of this Regulation. The Central Bank may add additional requirements regarding financial resources or increase the existing ones as a condition for License issuance, where it considers such additional requirements necessary;
       
   2. 3.2. The requirements regarding their principal business, as set out in Article (7) of this Regulation. The Application must disclose to the Central Bank any activities and secondary or ancillary businesses that the Applicant conducts or plans to conduct that may not be directly related to the issuance of SVF;
       
   3. 3.3. The requirements regarding corporate governance, general risk management and internal control, and accounting system as set out in Articles (8) to (10) of this Regulation. In particular, board of directors, the Senior Management, and the Controlling Shareholder must have been approved by the Central Bank as fit and proper in the context of the Application before the License is granted;
       
   4. 3.4. The requirements regarding risk management policies and procedures for the management and protection of the Float, as set out in Article (11) of this Regulation;
       
   5. 3.5. The requirements regarding technology and specific risk management policies and procedures for managing the risks arising from the operation of the SVF business, as set out in Article (12) of this Regulation;
       
   6. 3.6. The requirements regarding business conduct and Customer protection as set out in Article (13) of this Regulation;
       
   7. 3.7. The requirements regarding anti-money laundering and countering the financing of terrorism, as set out in Article (14) of this Regulation.
       
4. As part of the licensing process, separate face-to-face meetings between Central Bank staff and the Applicant’s board of directors and the Senior Management may be conducted.

Independent assessments

5. The Applicant is required to submit a report of independent assessments on seven key areas based on the scope set out in paragraphs 3.3 to 3.7 above: (a) corporate governance and risk management; (b) Float management; (c) technology risk management; (d) payment security management; (e) business continuity management; (f) business conduct and Customer protection; and (g) AML/CFT control systems.
    
6. The Central Bank expects the Applicant to appoint one or more competent and qualified assessor(s), which are independent from the business units of the Applicant, to carry out the independent assessments. The assessors should not be involved in the operations to be reviewed or in selecting or implementing the relevant control measures to be reviewed, have relevant knowledge and experience, and should be able to report their findings independently. They should also confirm to the Central Bank that there is no conflict of interest in the conduct of independent assessments.
    
7. Bank that are deemed to be licensed for providing of SVF, are exempted from the assessment report mentioned in paragraphs 5 and 6 above, unless the Central Bank explicitly requires the report from them.