The Gulf countries agreed on establishing a payment processor that would meet expectations of the GCC countries citizens in quick and safe financial transactions, said Central Bank of Kuwait (CBK) Governor Dr. Mohammad al-Hashel. During a news conference Monday evening, on the sidelines of the 69th Meeting for GCC Committee of Central Banks and Monetary Institutions Governors, Hashel said that the processor’s main headquarters will be in Riyadh while the second in UAE, noting that an initial capital has been put and an executive manager has been appointed. The processor will be profit and commercial, and will be self-funded from its revenues, he added. Hashel pointed out that the meeting discussed exerted efforts by GCC countries in fighting money-laundering and terrorism financing. “The progressive technical developments, namely those related to financial and banking transactions, compel us to show a quick response and to avail from their pros and avert from their cons,” he stated. “Otherwise, we will find ourselves outside the current age,” Hashel declared. The meetings launch from the committee’s march towards more achievements in the Gulf monetary, economic and financial sectors, he added. The 69th meeting aims to foster surveillance programs and policies in order to cement financial stability and the solidity of the GCC banking and financial conditions in addition to developing GCC payment systems infrastructure. Secretary General of Gulf Cooperation Council Dr. Abdullatif bin Rashid al-Zayani expressed thanks and appreciation to the GCC countries for efforts exerted in order to enhance cooperation among the GCC states, in a quest to reach the anticipated economic unity by 2025. Zayani hailed the role of GCC Committee of Central Banks and Monetary Institutions Governors in improving integration among the monetary institutions and the central banks of the GCC states, and their role in helping to overcome difficulties, improve performance and develop financial and banking procedures.