The Central Bank of the United Arab Emirates (CBUAE) launches a financial infrastructure transformation (FIT) programme to accelerate the digital transformation of the region’s financial services sector.
The CBUAE is launching its FIT programme to accelerate digital transformation in the region’s financial services sector in line with a wider strategy to enable the central bank to position itself among the top central banks globally.
The programme comprises nine key initiatives to enable the UAE’s competitiveness to become the financial and digital payment hub and a centre of excellence for innovation and digital transformation.
In its support of the financial services sector, the programme aims to promote digital transactions, innovation, collaboration and market competition.
The programme’s 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 (CBDC) for cross-border and domestic uses.
These digital payment initiatives intend to drive financial inclusion, promote payment innovation, security and efficiency, and achieve a cashless society.
Next stages
In assisting the financial industry to move forward to the digital decade, the next stage of the FIT programme is to develop and implement a number of digital infrastructures, including the establishment of financial cloud, eKYC and open finance platforms.
Above all, these digital infrastructures seek to improve regulatory compliance, reduce the cost of operation, enhance innovation and customer experience, and most importantly, strengthen their security and operational resilience.
With full integration set for 2026, the FIT Programme creates an important platform in support of the country’s ‘We the UAE 2031‘ vision and National Digital Economy Strategy while further reinforcing the CBUAE’s mission to enhance monetary and financial stability and consumer protection through robust financial infrastructure and the adoption of digital technologies.
Khaled Mohamed Balama, governor of the CBUAE, comments: “The FIT programme embodies the directions and aspirations of our wise leadership towards digitising 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,” Balama further adds. “We will work with our partners to implement the Programme, achieve its goals, accelerate the adoption of digital services in the financial sector, and attract the best talent.”
Further details and implementation updates of each pillar of the FIT Programme will be announced in due course.
