The UAE Central Bank has launched a Financial Infrastructure Transformation (FIT) Programme which aims at Accelerating the Digital Transformation of the Financial Services Sector.
The FIT Programme focuses on the financial services sector, digital transactions, and the UAE’s competitiveness. Its aim is to accelerate digital transformation in the UAE financial services sector and strengthen the country’s position as a global centrre for business and finance.
The Programme has nine key initiatives. These include the first unified, secure, and efficient card payment platform in the UAE which has been designed to enhance e e-commerce and digital transaction development; and eKYC: which provides a secure, user-friendly platform for conducting customer on-boarding and ongoing due diligence digitally. Other initiatives include the Central Bank Digital Currency (CBDC) which is used to tackle cross-border payment inefficiency and promote innovation for domestic payments and the Open Finance initiative which is driving innovation, competitiveness, and collaboration in the financial sector through interconnectivity and interoperability between institutions.
An advanced SupTech service has also been put in place to enhance supervisory processes. There is also an innovation Hub which is a collaborative platform for Fintech engagement, research, and development. In addition, the Instant Payments Platform is a secure, efficient, and robust payment platform which enhances financial inclusion and promots a cashless society through digital payments. There is also a Financial Cloud which provides a secure, resilient, scalable, and reliable sovereign financial infrastructure; and an initiative to supporting a unique customer experience and foster a culture of excellence across the financial sector.
In the first stage of the Programme, digital payment infrastructures and services such as a Card Domestic Scheme and Instant Payment Platform will be launched. The Central Bank Digital Currency for cross-border and domestic uses will also be issued. These initiatives will help lead to financial inclusion, payment innovation, security and efficiency, and a cashless society.
As part of the FIT Programme, the UAE Central Bank will adopt advanced supervisory technologies and data management solutions so that they can implement robust supervisory processes and ensure financial stability.
In the second stage, the FIT Programme will develop and rollout digital infrastructures like Financial Cloud, eKYC, and Open Finance Platforms. These will enhance regulatory compliance, reduce costs, enhance innovation and customer experience, and strengthen their security and operational resilience.
The FIT Programme, links in with he UAE 2031″ vision and National Digital Economy Strategy.
More details and updates of each pillar of the FIT Program will be announced in due course.
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