- Sheikh Mansour Bin Zayed Al Nahyan initiates a historic Dh50 million cross-border payment to China using the UAE Central Bank’s Digital Dirham.
- The transaction employs the mBridge platform, a collaborative cross-border project introduced in 2021 by China, Hong Kong, Thailand, and the UAE in partnership with BIS.
- The move underscores the UAE’s commitment to becoming a global financial hub and highlights the strategic role of the Central Bank in ensuring financial stability and fostering economic growth.
- The ‘Golden Jubilee’ celebration of the Central Bank marks the occasion, emphasizing the leadership’s dedication to empowering Emirati citizens and advancing the country’s development efforts.
- The event showcases innovative projects, including the launch of Al Etihad Payments and significant advancements in financial technology.
Digital Dirham’s Historic Cross-Border Transfer
Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the UAE Central Bank, made financial history by executing the inaugural cross-border payment of Dh50 million to China using the Digital Dirham. This groundbreaking transaction, facilitated by the mBridge platform, exemplifies the UAE’s strategic vision in the global financial landscape.
Leadership’s Commitment to Financial Innovation
During the ‘Golden Jubilee’ celebration, Sheikh Mansour emphasized the UAE’s commitment to consolidating its position as a global financial hub. The Central Bank’s pivotal role in ensuring financial stability, optimizing the financial system, and driving economic growth was underscored. The leadership’s dedication to empowering Emirati citizens and fostering their qualifications aligns with international standards, contributing to the nation’s cultural and developmental renaissance.
Innovative Projects Pavilion
The event showcased the ‘Innovative Projects’ Pavilion, where the launch of Al Etihad Payments and advancements in financial technology were unveiled. Initiatives like the Aani instant payment platform and the supervisory technology project ‘Suptech’ demonstrate the UAE’s commitment to remaining at the forefront of financial innovation.