As part of a big plan to change its financial infrastructure, the United Arab Emirates wants to start a CBDC and a domestic card system.
The Central Bank of the UAE says that the program will include nine initiatives that will make the country a hub for digital payments and financial services.
In the first stage of the program, the card scheme, a CBDC that can be used internationally and in the country, and an instant payments platform will be put in place. The bank says that these will make it easier for people to use money, encourage innovation, and help build a cashless society.
In the second stage, work will be done on the financial cloud, e-KYC, and Open Finance platforms to improve compliance with regulations, lower operating costs, and improve security and operational resilience.
“Full integration” is set for 2026, according to the central bank.
H.E. Khaled The governor of CBUAE, Mohamed Balama, says:
“We are proud to be building an infrastructure that will support a thriving UAE financial ecosystem and its future growth.”
