العربية

Gulf Payments System AFAQ

Gulf payments system to execute financial transactions in a real-time basis with low fees, in a secure, safe, and stable ecosystem

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About AFAQ System

AFAQ is a regional payments system, officially launched on December 10, 2020. It aims to execute financial transactions in GCC local currencies in a real-time basis, with low fees, and within a safe, secure, and stable ecosystem through the following:

  • Ensuring the privacy and continuity of communication by linking the AFAQ system and the National Central Banks through a highly secure private network.
  • Providing elevated levels of protection and data security in the payments system through the provision and management of digital certificates and the provision of the Public Key Infrastructure (PKI) service.
About AFAQ System
Why AFAQ System?

Why AFAQ System?

Having a unified payment system across the Gulf region contributes significant economic benefits, such as:

  • Supports the growth of trade and flow of investments between the GCC member states, which accomplishes economic diversification.
  • Enhances and strengthens trust in economic cooperation and development arenas among the GCC member states.
  • Supports the integration of financial policies and monetary strategies between the GCC member states, which will lay the groundwork for a unified Gulf currency in the future.

AFAQ System Key Features

Implementing unified operational and supervision procedures
Implementing unified operational and supervision procedures
Low service fees.
Low service fees.
Instant transfer and deposit
Instant transfer and deposit
Enhancing operational capabilities and reducing their cost.
Enhancing operational capabilities and reducing their cost.
Mitigating various risks critical for a secure, robust, and efficient cross-border payment system.
Mitigating various risks critical for a secure, robust, and efficient cross-border payment system.
Liquidity and financial settlement management efficiency
Liquidity and financial settlement management efficiency

AFAQ System Business Model

The AFAQ payments system offers a common regional payments system that connects the Real Time Gross Settlement (RTGS) systems of each GCC member state, facilitating the instant processing of financial transfers between them with the additional advantages of same day settlement finality and irrevocability.

AFAQ System Business Model

AFAQ System Services

AFAQ cross-currency service (GCC currencies)

AFAQ cross-currency service (GCC currencies)

  • Offering transfer services between the local currency from the originating country to the local currency of the receiving country.
  • Currencies included: AED, BHD, SAR, OMR, QAR, and KWD.