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UAE Floats CBDC And Card Scheme

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The Central Bank of the UAE says the programme will be made up of nine initiatives designed to make the country a financial and digital payments hub.The United Arab Emirates is planning to launch a CBDC and domestic card scheme as part of a wide-ranging financial infrastructure transformation programme.The first stage of the programme will see the introduction of the card scheme, a CBDC for cross–border and domestic use, and an instant payments platform. These, says the bank, will drive financial inclusion, promote innovation and help create a cashless society.

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The central bank says that “full integration” is set for 2026.The second stage will see work on financial cloud, e-KYC and Open Finance platforms in an effort to improve regulatory compliance, reduce cost of operation and strengthen security and operational resilience. H.E. Khaled Mohamed Balama, governor, CBUAE, says: “We are proud to be building an infrastructure that will support a thriving UAE financial ecosystem and its future growth.”

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