February 25, 2024
Digital Currency Payment

Digital Currency Payment In a historic move, Sheikh Mansour bin Zayed Al Nahyan, Vice-President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Board of the Central Bank of the UAE, took a significant step on Monday. He initiated the first-ever cross-border payment using the UAE Central Bank’s digital currency, the ‘Digital Dirham.’ This groundbreaking transaction, totaling Dh50 million, was seamlessly conducted with China through the revolutionary “mBridge” platform. This platform leverages central bank digital currencies (CBDC) for international fund transfers among participating banks, utilizing distributed ledger technology, more commonly referred to as blockchain.

Commemorating 50 Years of Central Banking Excellence: CBUAE’s Golden Jubilee Celebration

This momentous payment occurred during the grand celebration of the 50th Anniversary of the Central Bank of the UAE (CBUAE). Sheikh Mansour not only marked a historic financial transaction but also witnessed the graduation ceremony of 1,056 individuals from the ‘Ethraa’ program. Hosted at the Emirates Institute of Finance, the Ethraa program is a high-level training initiative aimed at enhancing Emirati representation in the financial sector. Its overarching goal is to cultivate a generation of national experts capable of leading various business sectors in the UAE.

A Glance into 50 Years of Progress and Development

The celebratory event unfolded at the prestigious Abu Dhabi National Exhibition Center, graced by the presence of eminent figures, including Sheikh Suroor bin Mohammed Al Nahyan, Sheikh Abdulla bin Mohammed Al Hamed (Chairman of the National Media Office), Khaled Mohamed Balama (CBUAE Governor), and several other senior officials.

The ceremony was not merely a celebration; it served as a retrospective, showcasing the 50-year journey of the CBUAE. This period witnessed substantial contributions to strengthening financial and monetary stability, fostering economic growth, and implementing innovative projects under the Financial Infrastructure Transformation Programme (FIT). These initiatives aim to expedite the digital transformation in the financial services sector, positioning the CBUAE among the world’s leading central banks.

Visionary Leadership: Commitment to Global Financial Excellence and Empowering Nationals

Sheikh Mansour, in his address, reiterated the leadership’s unwavering commitment to fortifying the UAE’s status as a global financial center. He lauded the CBUAE’s pivotal role in ensuring financial stability, enhancing efficiency in the financial system, and catalyzing economic growth. Additionally, he emphasized the leadership’s dedication to empowering UAE nationals. By equipping them with essential skills and knowledge, the aim is to enable these individuals to make significant contributions to the nation’s ongoing progress.

Unveiling Innovative Initiatives and Commemorative Coin: A Glimpse into the Future

The celebration featured an in-depth exploration of the “Aani” instant payment platform, launched by Al Etihad Payments in October 2023. This platform adheres to the highest international security standards, providing a swift, convenient, and secure means of transferring funds instantly. Furthermore, the event introduced the ‘Open Finance’ initiative, allowing consumers to connect and share data across the entire financial ecosystem.

Sheikh Mansour also witnessed the launch of the visual identity of the Ombudsman Unit, aptly named “Sanadak,” Arabic for ‘Your Support.’ This unit marks a historic milestone as the first independent entity for the settlement of banking and insurance disputes in the Middle East and North Africa.

To commemorate the CBUAE’s Golden Jubilee, a special gold and silver coin was issued. The coin’s obverse features the President, Sheikh Mohamed bin Zayed Al Nahyan, while the reverse showcases the iconic CBUAE building, with the number 50 prominently marking this momentous occasion.

Governor’s Acknowledgment and Collaborative Agreements: Building Bridges for the Future

In his opening speech, Khaled Mohamed Balama, the Governor of the Central Bank, expressed gratitude for Sheikh Mansour Al Nahyan’s steadfast support in fostering a diverse and inclusive financial landscape that drives inclusive growth. He emphasized that the innovative projects initiated by Sheikh Mansour aim to enhance the digital transformation in financial infrastructure, promote digital transactions, and accelerate overall digital transformation in the UAE.

Governor Balama also expressed pride in the graduation of the first batch of UAE citizens from the Ethraa program. These individuals, equipped with professional skills, are poised to lead the financial sector towards new horizons. The ceremony witnessed the signing of memorandums of understanding between Oumolat Security Printing company and the Federal Tax Authority. Additionally, agreements were forged between the Emirates Institute of Finance and entities such as the Sharjah Department of Human Resources, Harvard and Columbia universities in the United States, and Wiley Edge company. These collaborations aim to enhance cooperation, exchange knowledge and expertise, and develop the skills of young cadres and national competencies, while simultaneously accelerating Emiratization programs in the financial sector.

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