E-Money & Digital Wallet Specialists
Expert E-Money Accounting Services in UAE
The money in your customers’ digital wallets is not your money. It never touches your income statement, yet you hold it, you move it, and regulators hold you accountable for every dirham. Float safeguarding is the defining obligation of e-money operations, requiring accounting systems that track customer funds separately from your own, reconcile balances continuously, and demonstrate protection against your own insolvency.
Our Technology Ecosystem
Why E-Money Businesses Need Specialized Accountants
Stored Value Facility licensees under CBUAE supervision face accounting requirements that differ fundamentally from traditional businesses. Customer funds must be segregated, protected, and reconciled against e-money liabilities daily. Revenue recognition follows unique patterns where transaction fees, not float balances, constitute income. Our electronic money business accountants understand this distinct financial architecture.
Float Management and Safeguarding Accounting
The float represents customer funds paid to you in exchange for stored value on your platform. CBUAE requires 100% safeguarding of this float through segregated accounts, ensuring funds remain available for redemption at all times and protected from claims by your creditors if insolvency occurs. Your accounting system must track the float as a liability, not revenue, with corresponding assets held in designated safeguarding accounts at licensed banks.
Daily reconciliation between total e-money balances in your system and funds held in safeguarding accounts is not optional. Discrepancies indicate either operational errors or potential compliance failures. The SVF Regulation requires aggregate capital funds of at least 5% of total float, creating additional balance sheet requirements that must be monitored continuously.
Our e-money accounting services configure systems that maintain clear segregation between customer funds and operational funds, perform automated reconciliations, and generate the safeguarding reports that CBUAE expects during supervisory examinations.
Our Expert Services
Complete Financial Services for E-Money Operations
From mobile wallet providers to prepaid card issuers and merchant payment platforms, our accounting for e-money institutions covers the full spectrum of stored value operations. We configure systems for float tracking, safeguarding reconciliation, transaction fee recognition, merchant settlement accounting, and the regulatory reporting that SVF licensees must submit to CBUAE.
Float liability tracking, safeguarding account reconciliation, transaction fee revenue recognition, merchant settlement accounting, reward point liability, and capital adequacy monitoring.
Safeguarding compliance review, reconciliation process testing, internal control assessment, AML program effectiveness, and annual financial statement preparation.
Financial services exemption analysis, transaction fee VAT treatment, merchant service charges, input recovery on technology infrastructure, and FTA compliance filing.
Technology team compensation, compliance officer remuneration, operations staff payroll, gratuity provisioning, and WPS-compliant salary transfers.
Financial services income treatment, technology asset depreciation, transfer pricing for group arrangements, qualifying income assessment, and 9% corporate tax compliance.
CBUAE regulatory reporting, SVF license condition monitoring, goAML registration support, safeguarding attestation preparation, and capital adequacy documentation.
Let’s Simplify Your Finance, Tax & Compliance Challenges
Serving Every Type of E-Money Operation
E-money operations in the UAE span mobile wallet providers, prepaid card issuers, network-based payment platforms, merchant acquiring services, and reward point systems. We serve CBUAE-licensed SVF operators, fintech companies under regulatory sandbox arrangements, and businesses exploring stored value models.
Each product type presents distinct accounting requirements. Mobile wallets manage peer-to-peer transfers and merchant payments with real-time float movements. Prepaid cards handle load, spend, and expiry tracking. Merchant acquiring platforms process high-volume settlements with interchange and scheme fee allocations. Reward point systems must recognize liabilities for unredeemed points and breakage income when points expire.
Whether you operate a consumer e-wallet, corporate expense card platform, or merchant payment solution, our e-money payment service accounting solutions adapt to your specific product architecture and transaction flows.
UAE Wide Coverage
E-Money Accountants Across All Emirates
Supporting digital wallet providers, prepaid card issuers, and payment platforms throughout UAE with specialized e-money accounting.
Dubai
DIFC-based fintech platforms, mainland SVF licensees, and digital payment startups in tech hubs.
Why Taxfin ABM
Accounting That Protects Customer Funds
E-money operators choose us because we understand that safeguarding is not just a regulatory checkbox. Your customers trust you with their money. Your accounting system must demonstrate that trust is warranted, with clear segregation and continuous reconciliation.
Our E-Money Expertise
Float Tracking
Customer fund balances recorded as liabilities with matching assets in designated safeguarding accounts.
Daily Reconciliation
Automated matching between system e-money balances and bank account holdings every business day.
Revenue Recognition
Transaction fees, interchange income, and merchant charges recognized per IFRS 15 requirements.
Capital Monitoring
Ongoing tracking of 5% capital adequacy requirement against total customer float balances.
Regulatory Reporting
CBUAE submissions, safeguarding attestations, and license condition compliance documentation prepared accurately.
Our Process
Engagement Approach
Onboarding e-money clients requires understanding your SVF license conditions, product architecture, transaction flows, and the specific safeguarding arrangements governing your customer fund protection.
Platform Assessment
We map your e-money products, transaction types, settlement flows, and safeguarding account structure.
Systems Configuration
Our team implements float tracking, reconciliation procedures, revenue recognition rules, and regulatory reporting templates.
Ongoing Compliance Support
Daily reconciliations, periodic regulatory filings, safeguarding attestations, and annual audited financial statements.
Let’s connect
Need Assistance?
Have a project in mind or questions about our services? We’re here to assist you every step of the way. Reach out to us anytime!
Location
Office No 805-038 Clover Bay, Plot No 42-0 Business Bay, Land DM No,346-454, UAE
Get a Free Consultation
Discover how our expert consulting services can transform your business. Schedule a free consultation today to explore personalized solutions.
FAQs
Frequently Asked Questions
What is float in e-money operations?
Float represents customer funds paid to the e-money issuer in exchange for stored value on the platform. It must be safeguarded in segregated accounts and remains redeemable by customers at all times.
How must customer funds be safeguarded?
CBUAE requires 100% of customer float to be held in segregated accounts at licensed banks, protected from claims by the e-money issuer’s creditors. Daily reconciliation between system balances and bank holdings is mandatory.
What capital requirements apply to SVF licensees?
SVF licensees must maintain aggregate capital funds of at least 5% of total customer float. This capital acts as a buffer protecting customers if operational losses occur before insolvency triggers.
How is revenue recognized for e-money businesses?
Revenue comes from transaction fees, interchange income, and merchant charges, not from float balances. Float is a liability, not income. Revenue recognition follows IFRS 15 based on performance obligations.
Are e-money services subject to VAT?
Many e-money services qualify as exempt financial services under UAE VAT. However, technology fees, platform charges, and certain merchant services may attract standard 5% VAT depending on service structure.
What is the difference between device-based and network-based SVF?
Device-based SVF stores value on physical media like prepaid cards or chips. Network-based SVF stores value in cloud accounts accessible via mobile apps or internet platforms. Both require SVF licensing.