It is working to make the dirham an international currency used to make global payments

“Central”: adopting the digital identity to provide services to individuals and companies

Balama (left) and Kazem during the signing of a Memorandum of Understanding to promote financial technology.

From the source

The Governor of the Central Bank, Khaled Muhammad Balama, revealed that the bank will adopt the digital identity, with the aim of enhancing financial inclusion to allow individuals and small and medium-sized companies to access the services they need, and will also develop a strategy and framework for the open financial system, with the aim of providing a safe work environment that facilitates cooperation and participation Data between financial institutions and authorized and regulated service providers.

international currency

Balama said, during his speech yesterday at the “Future of the Financial System” conference organized by the Central Bank at the headquarters of the “Expo 2020 Dubai” exhibition, that the “Central” will work on making the UAE dirham an international currency that is widely used internationally, to complete global payments and commercial transactions through the border;

In order to achieve our development plans and ambitions, the Central Bank of the UAE will become one of the best central banks in the world.

roadmap

Balama stated that, in line with the state's vision for the next fifty years, the Central Bank of the Emirates worked on developing a road map for the next five decades, and was keen to include three important elements: adopting the use of artificial intelligence, analyzing big data in the banking and insurance sectors, and using technology in systems Supervisory and supervisory.

He stated that rapid technological developments continue to play an important role in bringing about change in various financial sectors, at a time when the "digital transformation" positively affects achieving economic growth and monetary stability, by providing the best digital financial solutions for institutions and companies, and meeting the needs of individuals and the desires of customers at all times. towards better.

He said, "We believe that it is necessary for the regulatory authorities to exercise their supervisory and regulatory role, to create an environment conducive to innovation, and to ensure that the risks of these modern technologies are managed more effectively."

understanding

In addition, the Central Bank announced the signing of a memorandum of understanding with the Dubai International Financial Center, on the sidelines of the “Future of the Financial System” conference, with the aim of cooperating in the development of an integrated financial technology system in the UAE by launching joint initiatives and activities.

The memorandum was signed by the Governor of the Central Bank and the Governor of the Dubai International Financial Center, Issa Kazim.

a program

Under the memorandum of understanding, the central bank will work to develop a common test environment program that will allow fintech companies to test their innovative solutions within the framework of the existing digital test environment program.

The memorandum also stipulates, according to a statement issued by the Central Bank, the cooperation in launching initiatives and activities related to financial technology between the two parties, including accelerator programs, competitions, workshops, seminars, conferences and projects.

digital transformation

Balama said, "The global financial system has witnessed a major digital transformation over the past few years, and we firmly believe that one of the main ways to ensure a strong financial system is to develop a regulatory environment that helps innovation and encourages digitization."

He added, "The DIFC is home to one of the largest fintech accelerators programs in the region, as it has played a vital role in accelerating the spread of fintech solutions in the country."

advanced system

For his part, Kazim said: “We direct our focus towards establishing an advanced system full of valuable opportunities to unlock the maximum potential of the financial technology sector, based on our keenness to consolidate our position in the region as a leading global financial center and our position as one of the top 10 financial technology centers in the world.”

He added, "Through distinguished partnerships such as ours with (the UAE Central Bank), we will provide entrepreneurs in the field of financial technology with the capabilities that pave their way to achieving their aspirations and business goals, and contribute to the consolidation of Dubai and the UAE in general as a prominent global center in the financial technology sector."

features of the future

The “Future of the Financial System” conference aims to shape the future of the financial sector, with the participation of a group of central bank governors and representatives of government institutions, as well as other leading figures in the sector and heads of financial and technological institutions from around the world.

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