Keeping in pace with UAE Deputy Prime Minister H.H. Sheikh Mansour bin Zayed Al Nahyan’s vision, the Central Bank of the UAE (CBUAE) recently launched its Financial Infrastructure Transformation Programme (FIT programme) to speed up the digital transformation in the Kingdom’s banking sector as part of a larger strategy aimed at enabling the CBUAE to be among the top financial institutions globally.
By encouraging innovation, collaboration, and competition in the financial sector, the FIT Programme seeks to support the financial services sector, promote digital transactions, and enable the UAE’s competitiveness to become the economic and digital payment hub and a centre of excellence for innovation and digital transformation.
Nine major initiatives are implemented as part of the programme. Several digital payment infrastructures and services, including the introduction of a domestic card scheme, an Instant Payments Platform, and the issuing of Central Bank Digital Currency for domestic and international use, are included in the first stage. These digital payment projects are projected to advance the ideas like a cashless society, financial inclusion, payment innovation, security, and efficiency.
To undertake effective supervisory procedures and guarantee financial stability, the CBUAE will strengthen its digital leadership as part of the FIT Programme by using cutting-edge supervisory technologies and data management systems.
The FIT Program’s next phase will create and put into place a range of digital infrastructures, including the creation of Financial Cloud, eKYC, and Open Finance Platforms, to help the financial sector advance into the digital decade.
These digital infrastructures will, among other things, raise their security and operational resilience, increase innovation and customer experience, save operating costs, and improve regulatory compliance, as per reports.
The FIT Programme establishes a robust platform supporting the nation’s “We the UAE 2031” vision and National Digital Economy Strategy, with complete integration scheduled for 2026.
Additionally, it furthers the CBUAE’s goal to improve monetary and financial stability and consumer protection through a robust financial system and digital technology.
“The FIT Programme embodies the directions and aspirations of our wise leadership towards digitising the economy and developing the financial sector,” CBUAE Governor Khaled Mohamed Balama said.
“We take pride in developing the infrastructure necessary to support the development of a robust financial sector in the United Arab Emirates. To implement the Program, accomplish its objectives, hasten the adoption of digital services in the financial industry, and draw in the most incredible people, we will work with our partners,” he concluded.