Gulf Payments Company goes live

Gulf Payments Co. is launched after completing the required procedures by competent committees in the Cooperation Council of the Arab States of the Gulf (GCC). The new entity is headquartered in Riyadh and has one branch in Abu Dhabi.  

Shareholders appointed Rasheed Al Maraj, Governor of the Central Bank of Bahrain, as the board chairman. They also appointed Tahir Al Amri, Executive President of the Central Bank of Oman, as deputy chairman.  

The new entity is established as an independent company, based on the decision of the Supreme Council of the Cooperation Council of the Arab States of the Gulf (GCC). 

The company will deploy “Afaq” platform to facilitate direct money transfers and settle payments among the monetary authorities, central banks and commercial banks within the GCC region.