Saudi Cabinet approved the Gulf Cooperation Council (GCC) agreement as regards setting up a unified payment system, the state-owned Saudi Press Agency (SPA) has reported.

 

In 2016, GCC member states agreed to establish a unified payment system, which will be authorized, owned, and operated by the countries’ central banks and monetary agencies.

 

The new system will allow GCC member states to share the credit information of clients and other payment-related information.

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