UAE’s central bank launches financial services digital transformation programme
The Central Bank of the UAE (CBUAE) has launched its Financial Infrastructure Transformation (FIT) programme in a bid to accelerate digital transformation in the country’s financial services sector.
The CBUAE says the FIT programme consists of nine key initiatives to boost the UAE’s competitiveness as it looks to become a “financial and digital payment hub”. The programme is set for “full integration” by 2026.
For the first stage, the central bank intends to launch a card payment platform “to facilitate the growth of e-commerce and digital transactions in the country”, an instant payments platform, an innovation hub and a central bank digital currency (CBDC) for domestic and cross-border uses. These initiatives will drive financial inclusion, payment innovation, security and efficiency as well as help achieve a cashless society, the central bank says.
“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,” it adds.
The next stage of the programme will include the establishment of a financial cloud infrastructure and eKYC and open finance platforms to improve regulatory compliance, reduce costs of operation and enhance customer experience and security.
“The FIT programme embodies the directions and aspirations of our wise leadership towards digitising the economy and developing the financial sector,” says HE Khaled Mohamed Balama, governor of the CBUAE.
“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.”