March 16, 2023
1 min read

CBUAE, RBI sign MoU to promote innovation

Under the MoU, the two central banks will collaborate on various emerging areas of FinTech …reports Asian Lite News

The Central Bank of the United Arab Emirates (CBUAE) and the Reserve Bank of India (RBI) signed a Memorandum of Understanding (MoU) in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services.

Under the MoU, the two central banks will collaborate on various emerging areas of FinTech especially Central Bank Digital Currencies (CBDCs) and explore interoperability between the CBDCs of CBUAE and RBI.

CBUAE and RBI will jointly conduct proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade. The MoU also includes technical collaboration and knowledge sharing on matters related to Fintech and financial products and services, such as emerging trends, regulations and policies.

The MoU is expected to foster joint experimentation with regard to CBDCs and facilitate other digital innovation initiatives between the CBUAE and the RBI. This bilateral engagement of testing cross-border use case of CBDCs is expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India and UAE.

ALSO READ: UAE to invest $30 billion in S. Korea

Previous Story

Al Marri visits Hind Terminals Logistics Park in Haryana

Next Story

Denmark to set up $1 bn aid for Ukraine

Latest from -Top News

Musk Signals Thaw in Trump Rift

Musk credited Trump for resolving major global conflicts, tagging a Truth Social post to back his claim….reports Asian Lite News Tesla CEO and former presidential advisor Elon Musk appeared to signal a

Tibetans Slam China’s ‘Reincarnation Politics’

Sikyong said the Chinese government is systematically working to erase Tibetan identity by targeting its language and religion, core pillars of its cultural heritage….reports Asian Lite News With the Dalai Lama entrusting

USAID Officially Shuts Down

USAID will be merged into the US State Department from Tuesday….reports Asian Lite News The United States Agency for International Development (USAID) was officially shut down on Tuesday, drawing criticism from former

Quad Raises Alarm Over Myanmar Crisis

Quad presses junta, all parties to honour and extend truce…reports Asian Lite News The Quad Foreign Ministers voiced deep concern over the escalating crisis in Myanmar and its regional impact, urging the
Go toTop

Don't Miss

UAE renews support for peace and security in Africa

The UAE underlined the need to overcome the COVID-19 pandemic

Noura Al Kaabi meets US Congress delegation  

Noura Al Kaabi shared insights about how the UAE’s focus