The Banking Executive Magazine - February 2023 Issue

UAE Central Bank UAE Central Bank LAUNCHES DIGITAL TRANSFORMATION PROGRAMME In line with the vision of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, and Chair- man of the Central Bank of the UAE's (CBUAE) Board of Directors, the CBUAE today launched its Financial Infrastructure Transformation Pro- gramme (FIT programme) to acceler- ate the digital transformation in the financial services sector as part of a wider strategy aimed at enabling the CBUAE to be among the top central banks globally. The FIT Programme aims to support financial services sector, promote digital transactions, and enable the UAE’s competitiveness to become the financial and digital payment hub and a centre of excellence for in- novation and digital transformation through encouraging innovation and collaboration as well as competition in the financial sector. The Programme comprises imple- mentation of nine key initiatives. The first stage includes a series of digital payment infrastructures and services such as the launch of a Card Domes- tic Scheme, an Instant Payments Plat- form, and the issuance of Central Bank Digital Currency for cross-bor- der and domestic uses. These digital payment initiatives will drive finan- cial inclusion, promote payment in- novation, security and efficiency, and achieve a cashless society. As part of the FIT Programme, the CBUAE will strengthen its digital leadership by adopting advanced su- pervisory technologies and data management solutions to implement robust supervisory processes and en- sure financial stability. 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 num- ber of digital infrastructures, includ- ing the establishment of Financial Cloud, eKYC and Open Finance Plat- forms. These digital infrastructures will im- prove regulatory compliance, reduce cost of operation, enhance innova- tion and customer experience, and most importantly, strengthen their se- curity and operational resilience. With a full integration set for 2026, the FIT Programme creates an impor- tant platform in support of the coun- try’s “We the UAE 2031” vision and National Digital Economy Strategy. It also further reinforces the CBUAE’s mission to enhance monetary and fi- nancial stability and consumer pro- tection through robust financial infrastructure and the adoption of digital technologies. Khaled Mohamed Balama, Governor of the CBUAE, said: “The FIT Pro- gramme embodies the directions and aspirations of our wise leadership to- wards digitising the economy and developing the financial sector. We are proud to be building an infra- structure that will support a thriving UAE financial ecosystem and its fu- ture growth. He added: “We will work with our partners to implement the Pro- gramme, achieve its goals, accelerate the adoption of digital services in the financial sector and attract the best talent." ISSUE 170 FEBRUARY 2023 the BANKING EXECUTIVE 19