UAE Central Financial institution initiates historic cross-border digital dirham switch to China

On January 29, Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of Administrators of the UAE Central Financial institution, marked a momentous event by making the first-ever cross-border cost utilizing the UAE Central Financial institution’s digital forex, the ‘Digital Dirham’. ‘

The transaction, value Dh50 million, was carried out by means of the modern ‘mBridge’ platform, which straight linked the UAE to China.

Historic Cross-Border Switch of the UAE

The historic cross-border switch to China befell whereas Sheikh Mansour was attending the celebration of the ‘Golden Jubilee’ of the institution of the Central Financial institution and the commencement ceremony of 1,056 Emiratis from the primary batch of the ‘Ethraa Emiratization’ program, held within the Abu Dhabi Nationwide Exhibition Centre.

In the course of the transaction, Sheikh Mansour highlighted the strategic dedication of the UAE management to consolidate the nation’s place as a worldwide monetary middle.

He spoke concerning the Central Financial institution’s essential function in selling monetary and financial stability, optimizing effectivity and suppleness within the monetary system, and stimulating financial progress to additional the nation’s improvement efforts.

In his speech, Sheikh Mansour reiterated the management’s dedication to empowering the residents of the Emirates and selling their {qualifications} in numerous fields of labor and data.

This dedication, he defined, goals to offer the monetary sector with extremely certified nationwide abilities, in step with the best worldwide requirements, and contribute to the general cultural and improvement renaissance the nation is witnessing.

Sheikh Mansour congratulated the employees of the Central Financial institution and the Emirates Institute of Finance, in addition to the proficient graduates of the Ethraa programme, and wished them each success in serving their nation and contributing to its continued progress.

Pavilion ‘Modern Tasks’

The occasion additionally included the ‘Modern Tasks’ pavilion, the place the Central Financial institution’s subsidiaries offered their initiatives.

Right here the Sheikh witnessed the launch of the Al Etihad Funds firm and the primary profitable monetary transaction utilizing the native cost card system, which incorporates distinctive specs.

Sheikh Mansour additionally obtained briefings on the providers provided by the Aani immediate cost platform, launched by Al Etihad Funds in October 2023, and the surveillance know-how challenge ‘Suptech’. These initiatives mirror the UAE’s dedication to staying on the forefront of monetary know-how and innovation.