The Central Bank of the UAE launched Financial Infrastructure Transformation Programme which includes nine key digital finance initiatives to make UAE financial and digital payment hub
UAE Central Bank (CBUAE) yesterday launched the Financial Infrastructure Transformation (FIT) Programme. The initiative is aimed at accelerating the digital transformation in the national financial services sector and includes 9 key components.
The Programme is part of a broader strategy to enable the CBUAE to take one of the top positions among the central banks globally. Expectedly, the implementation of the new initiatives will support the FS sector, promote digital transactions, and boost the UAE’s competitiveness in the field. Digital finance is an important aspect of the UAE economic ambitions.
The main innovation and digital transformation proposals include:
- launch of a Card Domestic Scheme
- developing an Instant Payments Platform
- the issuance of Central Bank Digital Currency for cross-border and domestic uses
- adopting advanced supervisory technologies and data management solutions
- establishment of Financial Cloud, eKYC and Open Finance Platforms
The FIT Programme will be implemented in a few stages. Firstly, the Bank plans to launch a series of digital payment infrastructures and services. Next, the Programme will develop and implement a number of digital infrastructures related to regulation and data management.
This way, the institution hopes to achieve reduced operation costs, enhanced innovation and customer experience, and most importantly, stronger security and operational resilience.