(14 February 2023 – UAE) The United Arab Emirates is planning to launch a CBDC and domestic card scheme as part of a wide-ranging financial infrastructure transformation program.
The Central Bank of the UAE says the program will be made up of nine initiatives designed to make the country a financial and digital payments hub.
The first stage of the program will see the introduction of the card scheme, a CBDC for cross–border and domestic use, and an instant payments platform. These, says the bank, will drive financial inclusion, promote innovation and help create a cashless society.
The second stage will see work on a financial cloud, e-KYC and Open Finance platforms in an effort to improve regulatory compliance, reduce cost of operation and strengthen security and operational resilience.
The central bank says that “full integration” is set for 2026.
H.E. Khaled Mohamed Balama, governor, CBUAE, says: “We are proud to be building an infrastructure that will support a thriving UAE financial ecosystem and its future growth.”