UAE launches ‘Financial Infrastructure Transformation Program; CBDC is one of 9 Key Objectives

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The Central Bank of the United Arab Emirates (CBUAE), announced the launch of a new initiative, the “Financial Infrastructure Transformation Program,” with nine key objectives. One of these objectives is to develop and research a digital currency central bank (CBDC), which can be used for domestic and cross-border payments.
United Arab Emirates CBDC Initiative to Address inefficiencies in Cross-Border payments and Drive Domestic Innovation
The Central Bank of the United Arab Emirates, (CBUAE), aims to strengthen the region’s financial system with a new program called the “Financial Infrastructure Transform Program” (FIT). It includes nine key initiatives. The CBUAE’s mission is to “enhance monetary stability and financial stability” by establishing a robust financial infrastructure and adopting digital technologies.
The Financial Infrastructure Transformation Program (FIT), which includes nine initiatives, includes a domestic card scheme and eKYC. It also includes a central bank digital currency, CBDC, open finance, supervisory tech, innovation hub, a financial cloud, a financial platform, an instant payments platform, and enhancing customer experiences. The CBDC is intended for domestic and cross-border use. Its goal is to address inefficiencies in cross border payments and promote innovation in domestic payments. The FIT program will be fully integrated by 2026.
“The FIT programme embodies our vision and aspirations towards digitizing the economy, and developing the financial industry. We are proud to build an infrastructure that will support a thriving UAE finance ecosystem and its future growth,” H.E. Khaled Mohamed Balama was the governor of CBUAE. “We will cooperate with our partners to implement this programme, achieve its objectives, accelerate the adoption digital services in financial sector, attract the best talent, and attract the most talented.”

The vision of H.H. is reflected in the Financial Infrastructure Transformation Program (FIT). Sheikh Mansour bin Zayed Al Nahyan is Deputy Prime Minister, Minister of the Presidential Court and Chairman of the Central Bank of the UAE (CBUAE). CBUAE stated that updates on implementation will be provided after each initiative has been completed. The goal of the initiative is to “enhance UAE’s competitiveness” and make it a global leader in digital and financial payments. The UAE’s FIT program, as well as the CBDC initiative, follow the recent CBDC pilot experiment conducted by the Saudi Arabian Monetary Authority.
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