The Central Bank of the UAE plans to adopt ‘advanced’ supervisory technologies and data management solutions. Photo: UAE Central Bank The UAE’s Central Bank has announced a new programme to accelerate digital transformation in the financial services sector, with initiatives spanning open finance and a new digital currency. The Financial Infrastructure Transformation Programme also includes a domestic card scheme, an instant payments platform, financial cloud and supervisory technology, the Central Bank said in a statement on Sunday. The new Central Bank Digital Currency (CBDC) will be used for both cross-border payments and domestic usage to “address the problems and inefficiency of cross-border payments and help drive innovation for domestic payments respectively”, the regulator said. “The FIT programme embodies the directions and aspirations of our wise leadership towards digitising the economy and developing the financial sector,” said Khaled Balama, the Governor of the Central Bank. “We are proud to be building an infrastructure that will support a thriving UAE financial ecosystem and its future growth.” Central banks are looking into the development of digital currencies amid the growing popularity of cryptocurrencies as an asset class among retail and institutional investors. The Bank of England and Treasury have set out a […]
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