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AANI and JAYWAN: The UAE’s Bold Leap Towards a ‘Less Cash’ Payment Ecosystem
An Exclusive Interview with Andrew McCormack, COO of Al Etihad Payments
With over two decades of expertise in the financial services sector, Andrew McCormack is a seasoned payments executive currently serving as the Chief Operating Officer at Al Etihad Payments, UAE’s national payment system operator.
Could you briefly share your journey that led to your role as COO of Al Etihad Payments?
My journey into the payments industry has been quite diverse and unexpected. Initially, I began my career as a software engineer in the aerospace industry, where I spent nearly a decade honing my technical skills. After completing my MBA, I sought to broaden my horizons into business management and found myself leading a solar energy company in Canada. This role was invaluable in teaching me how to build and scale a small business.
It was during this time that my interest in financial services began to grow, particularly as I took on responsibilities for the company’s payments and financial operations. This newfound interest led me into the banking sector, then into insurance, and eventually into the payments industry.
I joined Payments Canada and ultimately became the CIO, where I oversaw the technology and payment services. Later, I had the opportunity to relocate to Singapore to establish an office for the Bank for International Settlements, an experience that was both challenging and rewarding, especially in the wake of the COVID-19 pandemic.
Currently, I have the privilege of serving as the COO at Al Etihad Payments, where I am leveraging my diverse experiences to build and transform the company into a leading national payment infrastructure provider.
Al Etihad Payments was established by the Central Bank of the UAE in 2023. What were the key motivations behind its creation, and how does AEP align with the UAE’s broader objectives for advancing the digital economy?
In many countries, the central bank doesn’t directly operate retail payment systems. Instead, they often rely on an operating entity to provide those retail-facing services for a variety of reasons. However, the central bank typically prefers to maintain an oversight role over the retail payment schemes and systems, and in this country, that is precisely how Al Etihad Payments came into existence.
The Central Bank decided to divest several functions, such as the UAEWPS and the UAESWITCH, the card switch that we manage. In addition, we have been tasked with enhancing these services with new offerings, such as AANI Instant Payments and others we will discuss later. This approach makes sense from an operational perspective, as a central bank in most countries acts more as a supervisor than an operator, and we have implemented this model here in the UAE.
The company was established last year, and we are in the process of scaling up, taking over the operational responsibilities for UAEWPS and the UAESWITCH. We launched the AANI Instant Payment service in late 2023 and will be launching a national card scheme in the not-too-distant future.
Could you share how AANI is driving innovation in the instant payments landscape and the progress you have made in expanding its reach?
AANI is the platform for innovation in instant payments, offering 24/7 real-time payment experiences and enabling a range of overlay services.
For example, users can simply send money using a mobile phone number, scan a QR code at a merchant checkout, or use it in an online e-commerce setting. AANI facilitates this level of digital innovation, supporting interbank payments, transactions between banks and wallet providers, and all other possible combinations.
All participants in the AANI system are licensed institutions, which includes banks, payment service providers, digital wallets, and exchange houses. We serve as the glue that connects these systems, offering a platform for innovation that participants can leverage to serve their customers and merchants.
Additionally, we have the AANI Mobile app, available in all major app stores. However, the reach of AANI payments extends beyond our app. The goal is for AANI services to be ubiquitous. We currently have around 30 participants, including banks and exchange houses, connected to the platform, and we expect to reach at least 50 by the end of the year. This means that the vast majority of the market will be connected, and AANI services will be available not just through our app, but through the apps of all these financial channels.
As a customer of a participating bank, you won’t even need to download our app to use AANI payment services—they will be natively available within your bank’s app or digital wallet. By the end of the year, we expect to have at least 95% of the market connected.
Could you provide some insight into how AANI plans to handle cross-border payments and integrate these services?
AANI’s initial focus is on the domestic payments side, such as person-to-person and person-to-merchant transactions using QR codes or mobile phone numbers— the use cases I previously described. Our priority is to scale the platform, connect all the banks and licensed participants, and have them enroll their customers. This step is crucial as it requires obtaining the customer’s consent to activate these services, and we also need to onboard all the merchants.
We want people to recognize AANI and see QR codes at checkout, providing them with the option to pay using this payment method. Our initial push is domestic, but as you mentioned, there are other countries implementing similar services. We do aspire to find ways to connect with them, so extending our platform from a domestic to a cross-border perspective is certainly on our roadmap.
Jaywan, the domestic card scheme, is a significant initiative. How will Jaywan improve the UAE’s payment infrastructure and cost structure?
Jaywan is the forthcoming national domestic card scheme. The name reflects the country’s heritage, as “Jaywan” translates to “precious pearl,” symbolizing the UAE’s rich culture and history. While domestic card schemes are not new—Canada’s Interac and Saudi Arabia’s Mada are established examples—the introduction of Jaywan is a significant step for the UAE. It represents a locally developed solution tailored for the UAE, ensuring secure and reliable transactions across various use cases, including point-of-sale and e-commerce.
Having a domestic card scheme provides several benefits, including enhancing resilience by giving the country control over its payment infrastructure. It also has the potential to reduce costs, as card payment fees for merchants can be quite high. One of the key objectives is to manage and control the cost structure of accepting digital and card payments within the UAE. Furthermore, Jaywan aims to ensure interoperability, not just within the UAE but also beyond its borders.
What are the key priorities for the launch of Jaywan, and how are you ensuring its success?
From a launch perspective, our current priority is acquiring. To simplify, it is crucial that once a bank issues a Jaywan card, it must work seamlessly wherever needed. For instance, when a customer uses the card in a shop, it should function properly from day one.
Our focus is on ensuring that the card works at ATMs, point-of-sale terminals, and supports various methods like tap, chip, and pin. E-commerce is another critical area, as it is more complex than point-of-sale. We need Jaywan to be accepted across a wide range of online retailers.
Additionally, we are working to onboard the initial group of issuers as soon as possible. We have a growing pipeline of issuers interested in developing their card products. While it’s challenging to provide an exact launch date, rest assured that all these components are progressing, and we are dedicated to ensuring a successful launch.
How does Al Etihad Payments support financial institutions, and what role do you play in assisting SMEs and retail customers?
Al Etihad Payments operates as a wholesaler, focusing on working with financial institutions rather than having direct relationships with SMEs or retail customers. Our support is channeled through our banking partners. We ensure that our partner banks are well-informed and equipped with the necessary information and documentation to assist their customers effectively.
While we do not engage directly in training or support for end users, such as small and medium-sized businesses, we provide the resources and support needed by our banking partners. These partners then assist their clients in integrating our services into their ERP systems, point-of-sale systems, and other applications. In summary, our role is to facilitate through our financial institution partners rather than engaging directly with end users.
How do the banking community and other financial entities perceive AANI compared to traditional credit and debit card usage?
We have received an overwhelmingly positive response from the banking community, as well as from digital wallets, payment service providers, and exchange houses. These participants are enthusiastic about joining and contributing to the initiative. While the attractive cost structure is a significant factor, the real value lies in the innovation this platform enables.
The platform allows participants to offer services that genuinely delight their customers. For instance, sending money to family members, splitting bills at restaurants, or other everyday transactions become extremely easy and cost-effective.
Industry response has been very encouraging. Although integrating these services requires a substantial technical effort from participants, we are making significant progress. We began last year with 10 participants and expect to exceed 50 by the end of this year. Nearly 1,000,000 end users are already enrolled, and our focus is now on enhancing merchant and e-commerce experiences.
In the next one to two years, we anticipate substantial innovation in the commercial space, with new and creative ways to seamlessly integrate payments into various customer journeys. This central platform supports industry-driven innovation, allowing us to facilitate rather than lead the development.
In your view, how soon could the UAE transition to becoming a 100 percent cashless economy, and what are the key steps required to achieve this goal?
The concept of becoming cashless is quite complex and nuanced. We prefer to think in terms of “less cash” rather than entirely cashless. Cash possesses unique attributes that are challenging to replicate in the digital world. For example, in a worst-case scenario where the power goes out, cash still functions, highlighting why it’s not practical to eliminate it from the economy.
Cash is widely used, universally accepted, and familiar to people, which are all valuable traits. Our goal is not to eliminate cash but to enhance our payment infrastructure by promoting more acceptance and usage of cost-effective digital payment methods. Over time, these methods may reduce cash usage in significant ways, but the objective is not to completely remove cash from the ecosystem.
Cover Story
Hisense doubles down on localisation, supply chains, and smart living in the Middle East
As the Middle East accelerates its push toward becoming a digital economy, global consumer electronics brands are being forced to rethink their role beyond simply selling devices. For Hisense, that shift is already underway.

From building connected living ecosystems to strengthening regional manufacturing and R&D, the company is positioning itself not just as a technology provider, but as a long-term partner in the region’s transformation.
In this conversation, Jason Ou, President of Hisense Middle East, Africa and India, outlines how localisation, supply chain investments, and a sharper focus on consumer relevance are shaping the company’s next phase of growth in the region—and why the Middle East is emerging as more than just a consumption market.
The region is increasingly positioning itself as a hub for digital economies. How can consumer electronics brands contribute to this broader transformation beyond simply selling devices?
Consumer electronics brands today play a much bigger role than just providing devices. Our real impact comes from shaping how people live in an increasingly digital world. At Hisense, we focus on anticipating consumer shifts and building our innovation around the needs of modern, connected lifestyles. It’s not only about technology, but about how that technology integrates seamlessly into everyday life.
We see this clearly through connected living. A TV today is no longer just a screen, it becomes part of a wider ecosystem, connecting with appliances, enabling intuitive control, and helping consumers manage comfort, energy, and daily routines more efficiently. At the same time, localization is key. Through regional R&D, partnerships, and a stronger presence on the ground, we ensure our innovation is relevant to local lifestyles and market realities. Ultimately, our role is to translate innovation into meaningful, practical value, supporting the region’s digital transformation in a way that is tangible for both consumers and communities.
Technology companies often struggle between being engineering-led and market-led. How does Hisense maintain that balance internally?
For us, it is not a question of choosing between engineering-led or market-led. The strongest companies are built on both, working hand in hand. At Hisense, we combine strong engineering capabilities with a deep understanding of consumer needs and local markets. Our innovation is driven by technology, but always shaped by how people actually live, interact, and use our products. We focus on one simple principle: every innovation must translate into a better user experience. That is where engineering excellence meets real market relevance, allowing us to stay both forward-looking and grounded in consumer value.
You have led Hisense’s expansion in the Middle East through a period of rapid technological change. What leadership principles have helped you balance global innovation with local market realities in this region?
The starting point has always been staying true to Hisense’s vision and values. That gives us a clear direction, especially during periods of rapid change. The second element is people and partnerships. Building the right team on the ground, and working with the right partners, has been essential to understanding the region and executing effectively across markets.
Third is localization with discipline. While we benefit from strong global innovation, success in this region comes from adapting that innovation to local lifestyles, climate, and consumer expectations in a consistent and structured way. And finally, long-term commitment. We have approached the Middle East as a strategic growth market, continuing to invest in technology, operations, and relationships. That long-term view allows us to balance global ambition with local relevance and build sustainable growth over time.
As most global supply chains and manufacturing ecosystems for consumer electronics remain concentrated outside the Middle East, what role do you see the region playing in the future production and innovation landscape of this industry?
I believe the region will play a much bigger role over time, especially as a center for localization, strategic manufacturing, regional distribution, and application-led innovation. We are already seeing that evolve. Hisense has been strengthening its regional manufacturing footprint, including operations in Algeria and Egypt, alongside localized R&D in Dubai. Our recent export milestone from Algeria into Egypt and Tunisia shows that the region is not only a consumption market, but increasingly part of a broader industrial and supply-chain ecosystem.
Going forward, I see the Middle East and wider MENA region becoming more important in three areas: as a faster response hub for regional supply and customization; as a testing ground for technologies suited to local environmental and lifestyle conditions; and as a bridge between global innovation and emerging-market demand. The opportunity is not just to manufacture more, but to shape products and solutions that are more relevant to this part of the world.
If we fast forward ten years, what will the concept of “home entertainment” look like compared to today?
We are currently witnessing a significant wave of innovation, particularly driven by AI capabilities. I believe this will continue to evolve, becoming smarter, more intuitive, and more seamlessly integrated into everyday life. Home entertainment will not only improve in terms of quality, with better visuals, sound, and performance, but it will also become more personalized and adaptive to each user.
At the same time, we will see more robotic and automated technologies becoming part of the home, supporting everyday tasks and enhancing convenience, creating a more connected and intelligent living environment. Ultimately, the experience will shift from simply watching content to enjoying a smarter, more immersive, and fully integrated home experience.
Finally, if you had to describe the next chapter of Hisense in the Middle East in one word, what would it be and why?
Reliable. We aim to become the most reliable brand in the region, in line with our longterm vision. This means continuously strengthening our position across technology development and market penetration, while keeping consumer needs at the center of everything we do. At the same time, we will further invest in localized solutions to ensure our innovation remains relevant, practical, and impactful for the region.
Cover Story
AI Moves from Experiment to Essential in UAE’s Advertising Landscape

From content creation to media buying, artificial intelligence is quietly reshaping how campaigns are built, delivered, and optimised across the GCC.
In the UAE and across the GCC, artificial intelligence has moved well beyond the stage of experimentation. What was once a buzzword discussed in boardrooms is now deeply embedded in the day-to-day execution of advertising. Brands are no longer testing AI—they are relying on it to run campaigns, generate content, and make increasingly precise decisions about audience targeting and timing.
On the creative front, the shift is particularly visible. AI-powered tools are now capable of producing ad copy, visuals, and even short-form video content at a pace that would have been unthinkable just a few years ago. For marketers operating in a market like the UAE—where campaigns often need to speak to audiences in both English and Arabic, while also resonating across a diverse mix of nationalities, this level of speed and adaptability is more than a convenience. It is becoming a necessity.
Behind the scenes, machine learning has also transformed how media buying is approached. Traditional methods that relied heavily on instinct or retrospective performance reports are steadily being replaced by systems that analyse audience behaviour in real time. These platforms continuously optimise campaign performance, adjusting budgets and placements based on how users interact with content.
In the UAE’s PR ecosystem, brands are already leveraging platforms such as Meltwater, Brandwatch, and Sprout Social to better understand media performance, audience sentiment, and the broader buying landscape.

A practical example of this shift can be seen in platforms like Skyscanner, where advertising systems respond dynamically to user intent. Instead of targeting broad demographic groups, campaigns are triggered by actual search behaviour and travel patterns, allowing for more relevant and timely engagement.
AI is also influencing emerging advertising formats. Digital billboards, for instance, are becoming more responsive, using live data inputs to tailor content based on factors such as time of day, location, and audience movement. Similarly, augmented reality experiences are beginning to incorporate behavioural insights, offering more contextual and interactive brand engagements.
Looking ahead, the trajectory appears clear. Advertising is moving towards deeper automation, more intelligent recommendations, and tighter integration between creative tools and analytics platforms. The industry is shifting from a model centred on broadcasting messages to one that focuses on responding to audiences in real time, with context and precision.
In this evolving landscape, AI is no longer just an enabler, it is becoming the foundation on which modern advertising is built.
Cover Story
SHAPING THE SKYLINE: HOW GCC MARKETS ARE REDEFINING ARCHITECTURE IN 2026
Mohamed Fiaz Khazi, Entrepreneur & Managing Director, Euro Systems
Architecture across the GCC is entering a more demanding phase, shaped by the realities of day-to-day operation. For much of the past decade, design ambition was defined by scale, visibility, and speed. Towers rose quickly, façades grew lighter, and skylines transformed almost overnight. In 2026, the focus has shifted to how buildings perform over time and the quality of experience they deliver to occupants.
This evolution reflects a more mature, performance-driven market while maintaining bold design. Questions around energy use, occupant comfort, maintenance, and durability are now central to architectural decision-making. In a region shaped by heat, dust, and intense solar exposure, design intent carries weight only when it is supported by systems capable of delivering consistent performance over time.
A changing regional approach
Façades illustrate this shift particularly clearly. Glass-heavy architecture remains integral to the region’s visual language, yet it is now approached with greater technical intent. Solar control, shading, acoustic performance, and automation are increasingly considered as parts of a unified strategy rather than isolated design features.
Industry studies consistently show that external shading devices, such as louvers and overhangs, can significantly reduce solar heat gain before it enters the building envelope, lowering cooling demand in the process. Fully shaded glazed areas further reduce thermal loads, easing pressure on mechanical systems while improving internal comfort.
While this performance-led direction is shared across the GCC, each market is responding in its own way.
In the UAE, architectural expression continues to take center stage. Landmark developments, hospitality projects, and mixed-use districts place strong emphasis on experience and identity. What has changed is the level of coordination behind the scenes. Façades are now expected to deliver daylight and transparency without introducing glare or thermal instability. Shading and glazing strategies are increasingly developed together, allowing design ambition to be preserved while meeting operational requirements.
Saudi Arabia presents a different dynamic. Here, scale and speed dominate, with large-scale developments and giga-projects compressing timelines and increasing complexity. In such an environment, fragmented decisions quickly translate into operational challenges. Architecture in the Kingdom is therefore being shaped by early integration, industrialized delivery, and lifecycle planning, where performance and repeatability become essential to building at scale. Research from McKinsey reinforces this approach, showing that large capital projects perform more reliably when coordination replaces siloed decision-making.
Qatar occupies a distinct position between these two models. Following a period of rapid delivery, focus has shifted toward longevity, sustainability, and adaptability. Buildings are expected to operate efficiently over decades and align closely with national sustainability frameworks. Façade performance, shading strategies, and acoustic control are increasingly specified for their contribution to long-term asset value and occupant well-being.
Technology integration
Technology underpins much of this evolution. Smart shading, responsive glazing, and integrated control systems are now practical tools for managing daylight, reducing glare, and stabilizing interior conditions. By reducing solar radiation before it reaches the glazing, external shading delivers measurable performance benefits in high-sun environments.
When façade strategies are developed early and embedded into the design process, materials, structure, and systems align more naturally. The result is architecture that feels deliberate in appearance and dependable in operation.
An operational view
The next wave of GCC projects will approach architecture as a dynamic system, ensuring long-term efficiency and reliability. Design ambition will remain high, but it will be matched by discipline in execution. Integration will increasingly define the process, particularly on complex and large-scale developments, with performance considered alongside form from the outset.
This shift represents meaningful progress. It reflects a region learning from experience and raising its own standards. The skyline will continue to evolve, but its true measure will lie in buildings that remain comfortable, efficient, and resilient long after the initial excitement has passed.
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