In order to make UAE a “financial and digital payment hub”, the CUAE has launched the Financial Infrastructure Transformation Programme (FIT). The wider aim is to push the CUAE among the top global central banks.
The announcement said: “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.”
In the next stage, the focus will be on developing a Financial Cloud, eKYC and Open Finance Platforms. UAE currently has a “We the UAE 2031” vision and a National Digital Economy Strategy, and the FIT program will further support these.
The announcement includes the following description for CBDC: “Central Bank Digital Currency (CBDC): CBDC for both cross-border payments and domestic usage in order to address the problems and inefficiency of cross-border payments and help drive innovation for domestic payments respectively.”
UAE and Dubai have become an attractive destination for crypto and blockchain ventures due to its tax-friendly and no-income tax policy. It had also recently created a full market product regulations framework for use of digital assets and their companies.
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