The Central Bank of the United Arab Emirates (CBUAE) has launched a programme to speed up the digitisation of the country’s financial sector. The nine key initiatives of the Financial Infrastructure Transformation (FIT) Programme include, in its first phase, the creation of the country’s first card payment platform, an instant payments system and a digital currency . “These digital payment initiatives will drive financial inclusion, promote payment innovation, security and efficiency, and achieve a cashless society,” said the CBUAE. In its second phase, the FIT Programme will also include developments to support strong financial services regulation with SupTech, “supervisory technologies and data management solutions to implement robust supervisory processes and ensure financial stability”, according to the CBUAE. This phase will also see the creation of an innovation hub for fintech businesses and a financial services cloud. According to the CBUAE: “The FIT Programme aims to support the financial services sector, promote digital transactions, and enable the UAE’s competitiveness to become the financial and digital payment hub and a centre of excellence for innovation and digital transformation through encouraging innovation and collaboration as well as competition in the financial sector.” Khaled Mohamed Balama, governor of the CBUAE, said the FIT […]
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