Latest news with #CBDC
Fintech News ME
2 hours ago
- Business
- Fintech News ME
CBUAE Publishes Report on Digital Dirham Ahead of Official Launch
Free Newsletter Get the hottest Fintech Middle East News once a month in your Inbox In preparation for the launch of the UAE's national digital currency and in support of the country's broader digital transformation efforts, the Central Bank of the UAE (CBUAE) has released a detailed report on the Digital Dirham project. The publication provides a comprehensive overview of the progress made to date, alongside ongoing research and development activities as the CBUAE moves closer to the formal introduction of a central bank digital currency (CBDC). The report outlines the design principles and policy frameworks underpinning the Digital Dirham, developed to ensure the currency is secure, reliable and user-friendly. These principles align with international standards set by the International Monetary Fund (IMF) and the Bank for International Settlements (BIS). It also reflects the CBUAE's collaboration with the financial sector and other strategic partners to facilitate the smooth adoption of the Digital Dirham. Among the key features highlighted are the Digital Dirham's role in enhancing innovation and financial inclusion. The currency is intended to provide access to financial services for the unbanked and non-residents in the UAE, while improving transaction speed and payment system efficiency. Functionalities such as offline use, smart contracts and cross-border payments are included as part of the project's scope. The Digital Dirham is designed to serve as a digital alternative to cash, supporting a wide range of transactions, including online, in-person, commercial and peer-to-peer payments. In addition, the CBUAE has developed a supporting platform for issuing, trading and using the Digital Dirham. This includes a digital wallet enabling individuals and businesses to carry out financial transactions securely and efficiently. Commenting on the development, Khaled Mohamed Balama, Governor of the CBUAE, said: Khaled Mohamed Balama 'The Digital Dirham will help ensure a secure and efficient financial infrastructure for the UAE, enhance the efficiency of our payment ecosystem, support monetary stability, expand financial inclusion, and strengthen the international standing of the UAE Dirham.' He added: 'We will continue to rigorously assess the design and development of the Digital Dirham to ensure its successful rollout and transformational impact through a consistent and prudent approach.' The introduction of the Digital Dirham forms part of the CBUAE's Financial Infrastructure Transformation (FIT) programme, launched in 2023. This initiative is intended to respond to the changing demands of the digital economy while maintaining public trust in the national currency. As part of its efforts, the CBUAE has already initiated a cross-border pilot and conducted a real-value retail trial to evaluate the design, technological foundations, and potential applications of the Digital Dirham. Featured image credit: Edited by Fintech News Middle East, based on image by Freepik
Gulf Today
11 hours ago
- Business
- Gulf Today
CBUAE publishes comprehensive report on progress made towards issuing 'Digital Dirham'
In preparation for the launch of the UAE's national digital currency and in support of digital transformation and the evolving digital economy, the Central Bank of the UAE (CBUAE) has published a comprehensive report on the "Digital Dirham" project. The report provides an in-depth review of the key achievements to date, along with a comprehensive analysis of the ongoing research and development as the CBUAE moves towards officially launching the national central bank digital currency (CBDC) in the near term. It covers the design principles and policy frameworks that have shaped the development of the Digital Dirham, ensuring it remains secure, reliable and easy to use, in line with best practices and standards issued by the International Monetary Fund (IMF) and the Bank for International Settlements (BIS). It also highlights the CBUAE's close collaboration with the financial sector and strategic partners to ensure the effective adoption of the Digital Dirham. The report outlines Digital Dirham capabilities and role in driving innovation and financial inclusion, enabling access for the unbanked and non-residents in the UAE, accelerating transactions and boosting the efficiency of payment systems through features such as offline usability, smart contracts and cross-border transactions. The Digital Dirham is the digital alternative to physical money and can be used for a wide range of payments, including online, in-store, commercial and peer-to-peer transactions. Furthermore, the CBUAE has developed a comprehensive platform for issuing, trading, and using the digital dirham, including the digital wallet, which enables individuals and businesses to conduct financial transactions. Commenting on this milestone, Khaled Mohamed Balama, Governor of the CBUAE, said, "The Digital Dirham represents one of the CBUAE's key strategic initiatives shaping the future of financial services in the UAE and marks an important achievement in the global development of central bank digital currencies. The Digital Dirham will help ensure a secure and efficient financial infrastructure for the UAE, enhance the efficiency of our payment ecosystem, support monetary stability, expand financial inclusion, and strengthen the international standing of the UAE Dirham."He added, "We will continue to rigorously assess the design and development of the Digital Dirham to ensure its successful rollout and transformational impact through a consistent and prudent approach." The introduction of the Digital Dirham is part of the CBUAE's Financial Infrastructure Transformation (FIT) programme which was launched in 2023. This follows as a proactive response to the evolving needs of a digital economy while upholding public confidence in the national currency. The CBUAE has already launched a cross-border application of the Digital Dirham and carried out a real-value retail pilot to evaluate its future design, technology and advantages as well as key digital economy use cases to assess the feasibility and effectiveness of the Digital Dirham. WAM
Sharjah 24
13 hours ago
- Business
- Sharjah 24
CBUAE releases update on Digital Dirham progress
Key achievements and design principles The report provides an in-depth review of the key achievements to date, along with a comprehensive analysis of the ongoing research and development as the CBUAE moves towards officially launching the national central bank digital currency (CBDC) in the near term. It covers the design principles and policy frameworks that have shaped the development of the Digital Dirham, ensuring it remains secure, reliable and easy to use, in line with best practices and standards issued by the International Monetary Fund (IMF) and the Bank for International Settlements (BIS). Strategic collaboration and financial inclusion It also highlights the CBUAE's close collaboration with the financial sector and strategic partners to ensure the effective adoption of the Digital Dirham. The report outlines Digital Dirham capabilities and role in driving innovation and financial inclusion, enabling access for the unbanked and non-residents in the UAE, accelerating transactions and boosting the efficiency of payment systems through features such as offline usability, smart contracts and cross-border transactions. Digital alternative to physical money The Digital Dirham is the digital alternative to physical money and can be used for a wide range of payments, including online, in-store, commercial and peer-to-peer transactions. Furthermore, the CBUAE has developed a comprehensive platform for issuing, trading, and using the digital dirham, including the digital wallet, which enables individuals and businesses to conduct financial transactions. Governor's remarks on strategic significance Commenting on this milestone, Khaled Mohamed Balama, Governor of the CBUAE, said, "The Digital Dirham represents one of the CBUAE's key strategic initiatives shaping the future of financial services in the UAE and marks an important achievement in the global development of central bank digital currencies. The Digital Dirham will help ensure a secure and efficient financial infrastructure for the UAE, enhance the efficiency of our payment ecosystem, support monetary stability, expand financial inclusion, and strengthen the international standing of the UAE Dirham." He added, "We will continue to rigorously assess the design and development of the Digital Dirham to ensure its successful rollout and transformational impact through a consistent and prudent approach." Part of the Financial Infrastructure Transformation programme The introduction of the Digital Dirham is part of the CBUAE's Financial Infrastructure Transformation (FIT) programme which was launched in 2023. This follows as a proactive response to the evolving needs of a digital economy while upholding public confidence in the national currency. The CBUAE has already launched a cross-border application of the Digital Dirham and carried out a real-value retail pilot to evaluate its future design, technology and advantages as well as key digital economy use cases to assess the feasibility and effectiveness of the Digital Dirham.
Korea Herald
15 hours ago
- Business
- Korea Herald
Banco Central de Timor-Leste Partners with Montran to Accelerate National Digital Payments and CBDC Strategy
DILI, Timor-Leste, July 31, 2025 /PRNewswire/ -- The Banco Central de Timor-Leste (BCTL) has entered a new phase of its strategic partnership with Montran, a global leader in financial infrastructure solutions, to drive modernization of the country's payments ecosystem and advance development of a Central Bank Digital Currency (CBDC). Timor-Leste's financial system, while showing progress in recent years, continues to face challenges, including limited banking penetration, underdeveloped rural infrastructure, and high dependency on cash-based transactions. In response, BCTL has launched a national digital transformation aimed at fostering financial inclusion, strengthening resilience, and supporting long-term growth. As part of this initiative, Montran's Instant Payments Solution (IPS) will be deployed across the country to enable secure, real-time payments and provide interoperability between financial institutions, businesses, and individuals. The IPS will be complemented by a robust Digital Wallet Solution, expanding access to efficient financial services for citizens and small enterprises. A key aspect of the partnership is a shared commitment to enabling future cross-border payment integration—an essential strategic priority for BCTL and a critical step in the IPS journey. Montran is also working with BCTL to develop a national strategy for introduction of a CBDC, known as eCentavos. This CBDC will enhance transparency and traceability of transactions, offer tools to reach underserved populations, and support evolution of the country's digital economy. This new phase builds on an existing partnership between BCTL and Montran, which powers the bank's clearing and settlement platform—the R-Timor Automated Transfer System. Montran's deep expertise and ability to deliver secure, mission-critical infrastructure further positions this collaboration to deliver measurable impact. "In an era where speed, security, and accessibility define financial services, we are honored to support BCTL's transformation," said Matt Walsh, Global Sales Director at Montran. "Together, we are laying the foundation for a modern, inclusive financial ecosystem in Timor-Leste." Looking ahead, BCTL and Montran are exploring additional modernization opportunities, including the potential deployment of a Central Securities Depository and Trading Systems. About Montran Montran is the leading provider of Payment and Capital Market Infrastructure solutions, servicing the world's foremost financial institutions with mission-critical installations and operations in over 90 countries. Discover more at About Banco Central de Timor-Leste Established in 2011, the Banco Central de Timor-Leste (BCTL) is the autonomous authority responsible for monetary policy, financial sector development, payment system oversight, and fostering financial inclusion to support national economic growth.
Al Etihad
16 hours ago
- Business
- Al Etihad
Central Bank of UAE publishes comprehensive report on progress made towards issuing 'Digital Dirham'
31 July 2025 17:42 ABU DHABI (WAM) In preparation for the launch of the UAE's national digital currency and in support of digital transformation and the evolving digital economy, the Central Bank of the UAE (CBUAE) has published a comprehensive report on the "Digital Dirham" report provides an in-depth review of the key achievements to date, along with a comprehensive analysis of the ongoing research and development as the CBUAE moves towards officially launching the national central bank digital currency (CBDC) in the near covers the design principles and policy frameworks that have shaped the development of the Digital Dirham, ensuring it remains secure, reliable, and easy to use, in line with best practices and standards issued by the International Monetary Fund (IMF) and the Bank for International Settlements (BIS).It also highlights the CBUAE's close collaboration with the financial sector and strategic partners to ensure the effective adoption of the Digital Dirham. The report outlines Digital Dirham capabilities and role in driving innovation and financial inclusion, enabling access for the unbanked and non-residents in the UAE, accelerating transactions and boosting the efficiency of payment systems through features such as offline usability, smart contracts, and cross-border Digital Dirham is the digital alternative to physical money and can be used for a wide range of payments, including online, in-store, commercial, and peer-to-peer transactions. Furthermore, the CBUAE has developed a comprehensive platform for issuing, trading, and using the digital dirham, including the digital wallet, which enables individuals and businesses to conduct financial of the CBUAE, Khaled Mohamed Balama, commented on this milestone, saying, "The Digital Dirham represents one of the CBUAE's key strategic initiatives shaping the future of financial services in the UAE and marks an important achievement in the global development of central bank digital currencies. The Digital Dirham will help ensure a secure and efficient financial infrastructure for the UAE, enhance the efficiency of our payment ecosystem, support monetary stability, expand financial inclusion, and strengthen the international standing of the UAE Dirham."He added, "We will continue to rigorously assess the design and development of the Digital Dirham to ensure its successful rollout and transformational impact through a consistent and prudent approach."The introduction of the Digital Dirham is part of the CBUAE's Financial Infrastructure Transformation (FIT) programme, which was launched in 2023. his follows as a proactive response to the evolving needs of a digital economy while upholding public confidence in the national currency. The CBUAE has already launched a cross-border application of the Digital Dirham and carried out a real-value retail pilot to evaluate its future design, technology and advantages, as well as key digital economy use cases to assess the feasibility and effectiveness of the Digital Dirham.
