- The Central Bank of the UAE launches Digital Financial Initiatives via Financial Infrastructure Transformation Programme (FIT).
- The FIT program includes nine key digital finance initiatives that allow UAE to become the financial and digital payment hub.
- The new program aims to position CBUAE among the top central banks globally.
The Central Bank of the UAE (CBUAE) has launched the Financial Infrastructure Transformation Programme (FIT). The FIT Programme has included nine key digital finance initiatives aimed at the acceleration of digital transformation in the financial services sector.
As per the official announcement, the nine key initiatives permit UAE to become the “financial and digital payment hub” and a “center of excellence for innovation and digital transformation.” The FIT program is part of a wider strategy to position CBUAE among the top central banks globally.
Notably, the FIT program could support the financial services sector, encourage digital transactions, and make UAE a digital and financial payment hub.
The FIT program’s proposal included the launch of a Card Domestic Scheme and the development of an Instant Payments Platform. The proposal also incorporated the issuance of Central Bank Digital Currency for domestic and cross-border utilizations.
In connection with the recent announcement regarding the CBUAE’s launch of the FIT program, H.E. Khaled Mohamed Balama, Governor of the CBUAE stated:
The FIT Programme embodies the directions and aspirations of our wise leadership towards digitizing 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.
Furthermore, as part of the FIT initiative, CBUAE would adopt advanced supervisory technologies and data management solutions with the establishment of Financial Cloud, eKYC, and Open Finance Platforms.
In short, the innovative digital transformation proposal aims to achieve a cashless society through financial inclusion, payment innovation, and safe and secure digital payment initiatives. The FIT program could develop an innovative platform to assist the nation’s “We the UAE 2031” vision and National Digital Economy.