UAE’s Historic Cross-Border Transfer
On January 29, Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Bank of the UAE, conducted the first-ever cross-border payment using the UAE Central Bank’s digital currency, the ‘Digital Dirham.’ The transaction, worth Dh50 million, was carried out through the innovative ‘mBridge’ platform, connecting the UAE directly with China. This momentous occasion took place during the celebration of the ‘Golden Jubilee’ of the establishment of the Central Bank and the graduation of Emiratis from the ‘Ethraa Emiratisation’ program.
‘Innovative Projects’ Pavilion
The event also featured the ‘Innovative Projects’ Pavilion, where subsidiaries of the Central Bank showcased their initiatives. Among them was the launch of Al Etihad Payments company and the successful financial transaction using the local payment card system. Sheikh Mansour also learned about the services offered by the Aani instant payment platform and the supervisory technology project ‘Suptech.’ These initiatives highlight the UAE’s commitment to being at the forefront of financial technology and innovation.
Hot Take: UAE Leads in Cross-Border Digital Payments
The UAE has once again demonstrated its position as a global financial hub with its historic cross-border transfer using its digital currency. This achievement signifies the commitment of UAE’s leadership to fostering financial and monetary stability while empowering its citizens. By utilizing innovative platforms and showcasing cutting-edge initiatives, such as Al Etihad Payments and Aani instant payment platform, the UAE remains at the forefront of financial technology. With this milestone, it is clear that the UAE is leading in cross-border digital payments, setting an example for other nations to follow in embracing digital currencies.
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