Date: 30 January, 2024
Key Points
- Sheikh Mansour Bin Zayed Al Nahyan, Vice President and Chairman of the Central Bank of the UAE, initiated the first cross-border payment using the Digital Dirham, amounting to Dh50 million.
- The historic transaction was conducted directly to China via the ‘mBridge‘ platform during the celebration of the Central Bank’s ‘Golden Jubilee’ and the graduation of 1,056 Emiratis from the ‘Ethraa Emiratisation’ program.
- Sheikh Mansour highlighted the leadership’s commitment to strengthening the UAE’s global financial hub status, emphasizing the Central Bank’s role in ensuring stability, efficiency, and economic growth.
- The dedication to empowering Emirati citizens was emphasized, focusing on fostering qualifications across various fields and providing the financial sector with highly qualified national talents.
- Congratulations were extended to the Central Bank staff, Emirates Institute of Finance, and graduates of the Ethraa program, with best wishes for success in contributing to the country’s progress.
- Sheikh Mansour was briefed on the ‘Innovative Projects‘ Pavilion exhibits by the Central Bank’s subsidiaries and witnessed the launch of Al Etihad Payments Company.
- The event featured the first successful financial transaction using a distinctive payment card system, showcasing advancements in local payment infrastructure.
- Insights were gained into services offered by the Aani instant payment platform and the supervisory technology project ‘Suptech,’ highlighting continuous financial landscape innovations under Sheikh Mansour’s leadership.
Digital Dirham – A Milestone Achieved?
In a momentous occasion, Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Board of the Central Bank of the UAE, marked a historic milestone. He initiated the inaugural cross-border payment using the UAE Central Bank’s digital currency, the ‘Digital Dirham,’ with a transaction amounting to Dh50 million. This significant event took place as Sheikh Mansour attended the celebration of the ‘Golden Jubilee’ of the Central Bank, coinciding with the graduation of the first batch of 1,056 Emiratis from the ‘Ethraa Emiratisation’ program at the Abu Dhabi National Exhibition Centre.
Sheikh Mansour conducted the ground-breaking transaction directly to China through the ‘mBridge‘ platform. During the event, he emphasized the leadership’s strategic commitment to strengthening the UAE’s global financial hub status. Sheikh Mansour underscored the Central Bank’s pivotal role in ensuring financial and monetary stability, enhancing efficiency in the financial system, and driving economic growth to support the country’s development initiatives.
Highlighting the leadership’s dedication to empowering Emirati citizens, Sheikh Mansour emphasized the commitment to fostering qualifications across various fields. This effort aims to provide the financial sector with highly qualified national talents, aligning with international standards and contributing to the cultural and developmental renaissance of the country.
Congratulating the Central Bank staff and the Emirates Institute of Finance, as well as the accomplished graduates of the Ethraa program, Sheikh Mansour extended his best wishes for success in serving the country and contributing to its ongoing progress.
During the event, Sheikh Mansour was briefed on the ‘Innovative Projects’ Pavilion exhibits set up by the Central Bank’s subsidiaries. He also witnessed the launch of Al Etihad Payments Company and a project operating the local payment card system, marking the first successful financial transaction using the distinctive payment card specifications.
Furthermore, Sheikh Mansour gained insights into the services offered by the Aani instant payment platform, launched in October 2023 by Al Etihad Payments, along with the supervisory technology project ‘Suptech.’ This comprehensive overview showcased the continuous advancements and innovations within the financial landscape under the leadership of Sheikh Mansour Bin Zayed Al Nahyan.
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