Riyadh – Mubasher: Gulf Payments Company has launched Phase One of AFAQ Payment System, as on 10 December 2020, money transfers between the Saudi Central Bank (SAMA) and the Central Bank of Bahrain (CBB) began, state-run Saudi Press Agency (SPA) reported on Tuesday.

AFAQ is a regional payments system provided by Gulf Payments to execute financial transactions in GCC local currencies, in a short period of time with low fees within a safe and stable ecosystem.

Other GCC central banks will join the AFAQ system as per the scheduled timeline and the agreed-upon work stages, the statement said.

Riyadh-based Gulf Payments was founded as per the GCC Supreme Council resolution in December 2016 to build and develop a system that connects all payment systems in the GCC countries by establishing an independent company owned and funded by monetary agencies and central banks in the GCC with a capital of SAR 180 million, according to the company’s website.