The latest reports indicate that the United Arabs Emirates (UAE) is planning to unveil a central bank digital currency (CBDC) and domestic card scheme as part of a wide-ranging financial network transformation program.
The Central Bank of the UAE now insists that the program will be made up of nine initiatives designed to make the nation a financial and digital payment hub.
Notably, the first stage of this program is set to see the introduction of the card scheme, a UAE CBDC for cross-border and domestic use, and a near-instant payments platform. These, according to the bank, will help in driving financial inclusion, promote innovation and assist in the creation of a cashless society.
The second stage will see some work on financial cloud, e-KYC together with Open Finance platforms in an effort to enhance regulatory compliance, minimize costs of operation and boost security and operational resilience.
Buy Bitcoin NowIn that context, the central bank says that “full integration” is set for 2026. Governor, CBUAE, H.E. Khaled Mohamed Balama, said:
“We are proud to be building an infrastructure that will support a thriving UAE financial ecosystem and its future growth.”
