UAE Central Bank unveils sweeping initiatives to reform financial services sector

UAE Central Bank unveils sweeping initiatives to reform financial services sector

The UAE Central Bank launched a new programme to accelerate digital transformation of the financial services sector, it said on Sunday. The Financial Infrastructure Transformation Programme (FIT programme) aims to support financial services sector, promote digital transactions, and enable the UAE’s competitiveness to become the financial and digital payment hub and a centre of excellence for innovation and digital transformation. The programme comprises 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 next stage of the programme 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. With a full integration set for 2026, the FIT programme creates an important platform in support of the country’s “We the UAE 2031” vision and