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    CBUAE Includes Financial Cloud, KYC, and Open Finance on Its Agenda

    February 12, 2023

    The Central Bank of the United Arab Emirates (CBUAE) launched a program to accelerate digital transformation of the financial services sector. The recently launched program is called the Financial Infrastructure Transformation Program, or FIT, and it comprises nine key initiatives as part of a wider strategy aimed at enabling the CBUAE to be among the top central banks globally.

    The first stage of the program 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. As part of the FIT Program, CBUAE also plans to strengthen its digital leadership by adopting advanced supervisory technologies and data management solutions to implement robust supervisory processes and ensure financial stability. The next stage of the FIT Program would be to develop and implement digital infrastructure in a number of areas, including the establishment of Financial Cloud, eKYC, and Open Finance Platforms. The financial cloud is intended to provide a secure, resilient, scalable, and reliable sovereign financial infrastructure. These digital infrastructures are intended improve regulatory compliance, reduce costs of operation, enhance innovation and customer experience, and, most importantly, strengthen their security and operational resilience. With a full integration set for 2026, the FIT Program creates an important platform in support of the  National Digital Economy Strategy. 

     

    Related Link: Digital Transformation Program (PDF)

    Keywords: Banking, Middle East and Africa, UAE, Regtech, Suptech, Digital Transformation, Cloud Adoption, Financial Cloud, KYC, Open Finance, Lending, Operational Resilience, CBUAE

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