The Central Bank of the United Arab Emirates (CBUAE) unveiled its financial infrastructure transformation (FIT) program to accelerate the digital transformation of the financial services sector. The launch of a central bank digital currency (CBDC) is included in the nine total initiatives of the program.
The announcement states “The FIT Programme aims to support the financial services sector, promote digital transactions, and enable the UAE’s competitiveness to become the financial and digital payment hub.”
The introduction of a Card Domestic Scheme, an Instant Payments Platform, the issuance of CBDC for domestic and international use, etc are included in the FIT program’s first stage.
“These digital payment initiatives will drive financial inclusion, promote payment innovation, security, and efficiency, and achieve a cashless society,” UAE Central Bank notes.
In order to undertake effective supervisory procedures and guarantee financial stability, the CBUAE will strengthen its digital leadership as part of the FIT Programme by using supervisory technologies and data management solutions.
Developing various digital infrastructures, such as the Financial Cloud, eKYC, and Open Finance Platforms is the next phase of the FIT Programme. These digital infrastructures will raise security and operational resilience, increase innovation and customer experience, save operating costs, and improve regulatory compliance.
The FIT Programme establishes a platform in support of the nation’s “We the UAE 2031” vision and National Digital Economy Strategy, with complete integration scheduled for 2026.
Additionally, it furthers the CBUAE’s goal to improve monetary and financial stability as well as consumer protection through a strong financial system and the use of digital technology.
H.E. Khaled Mohamed Balama, Governor of the CBUAE, said: “The FIT Programme embodies the directions and aspirations of our wise leadership towards digitizing the economy and developing the financial sector. We are proud to be building an infrastructure that will support a thriving UAE financial ecosystem and its future growth.”
