Dubai, UAE—The Central Bank of UAE Sunday launched Financial Infrastructure Transformation Program (FIT program) to accelerate the digital transformation in the financial services sector.
In a statement, the bank said the FIT is a step towards enabling the CBUAE to be among the top central banks globally. The program aims to support financial services sector and promote digital transactions.
The Program comprises implementation of nine key initiatives. The 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 for cross-border and domestic uses.
These digital payment initiatives will drive financial inclusion, promote payment innovation, security and efficiency, and achieve a cashless society, the statement said.
As part of the FIT Program, the CBUAE will strengthen its digital leadership by adopting advanced supervisory technologies and data management solutions to implement robust supervisory processes and ensure financial stability.
In assisting the financial industry to move forward to the digital decade, the next stage of the FIT Program is to develop and implement a number of digital infrastructures, including the establishment of Financial Cloud, eKYC and Open Finance Platforms.
These digital infrastructures will improve regulatory compliance, reduce cost of operation, enhance innovation and customer experience, and most importantly, strengthen their security and operational resilience, the statement added.
Khaled Mohamed Balama, Governor of the CBUAE, said: “The FIT Program 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.
