UAE Launches Financial Transformation Program…..

On February 12, 2023, the Central Bank of the United Arab Emirates (CBUAE) made an announcement regarding its latest initiative called the “Financial Infrastructure Transformation Program.” This program consists of nine critical objectives, with one of them focusing on the development of a central bank digital currency (CBDC). The CBDC is designed to address both domestic and cross-border payments.

The FIT program is in line with CBUAE’s objective to enhance monetary and financial stability through the adoption of digital technologies and the establishment of a strong financial infrastructure. The program’s nine initiatives include the development of a domestic card scheme, eKYC, open finance, supervisory technology, an innovation hub, an instant payments platform, a financial cloud, and customer experience enhancement. The CBDC initiative aims to address cross-border payment inefficiencies while encouraging innovation in the domestic payments industry. The FIT program is expected to be fully integrated by 2026.

H.E. Khaled Mohamed Balama, the governor of CBUAE, stated that the FIT program aligns with the country’s leadership’s aspirations to digitize the economy and develop the financial sector. The program’s ultimate goal is to support a thriving UAE financial ecosystem and promote its growth by accelerating the adoption of digital services in the financial sector and attracting the best talent.

CleverRobot newsdesk 15th February 2023

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