UAE Central Bank Launches 9 New Key Digital Finance Initiatives13. February 2023
The Central Bank of the UAE (CBUAE) launched yesterday it’s Financial Infrastructure Transformation Programme to accelerate the digital transformation in the financial services sector as part of a wider strategy aimed at enabling the CBUAE to be among the top central banks globally.
The FIT Programme aims to support 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.
The programme comprises implementation of nine key initiatives.
The first stage includes a series of digital payment infrastructures and services such as the launch of a Card Domestic Scheme, an Instant Payments Platform, and the issuance of Central Bank Digital Currency for cross-border and domestic uses. These digital payment initiatives will drive financial inclusion, promote payment innovation, security and efficiency, and achieve a cashless society.
As part of the FIT Programme, the CBUAE will strengthen its digital leadership by adopting advanced supervisory technologies and data management solutions to implement robust supervisory processes and ensure financial stability.
In assisting the financial industry to move forward to the digital decade, the next stage of the FIT Programme is to develop and implement a number of digital infrastructures, including the establishment of Financial Cloud, eKYC and Open Finance Platforms.
These digital infrastructures will improve regulatory compliance, reduce cost of operation, enhance innovation and customer experience, and most importantly, strengthen their security and operational resilience. With a full integration set for 2026, the FIT Programme creates an important platform in support of the country’s “We the UAE 2031” vision and National Digital Economy Strategy. It also further reinforces the CBUAE’s mission to enhance monetary and financial stability and consumer protection through robust financial infrastructure and the adoption of digital technologies.
H.E. Khaled Mohamed Balama, Governor of the CBUAE, said:
“The FIT Programme embodies the directions and aspirations of our wise leadership towards digitizing the economy and developing the financial sector. We are proud to be building an infrastructure that will support a thriving UAE financial ecosystem and its future growth.
“We will work with our partners to implement the Programme, achieve its goals, accelerate the adoption of digital services in the financial sector and attract the best talent.”
Further details and implementation updates of each pillar of the FIT Programme will be announced in due course.
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