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

Pakistan Razes 1,000 Afghan Homes in Karachi

On October 16, the Pakistani authorities ordered Afghan migrants to leave their homes and shops in Quetta within a week…reports Asian Lite News Pakistani authorities, along with Karachi police, demolished more than

Bangladesh dengue death toll hits 245 in 2025

Presently, 977 patients are undergoing treatment in Dhaka, while 2,793 are undergoing treatment at various hospitals in Bangladesh…reports Asian Lite News One person died due to dengue in Bangladesh in the 24
Go toTop

Don't Miss

India Advocates ‘Climate Justice’ Ahead of COP28

The minister also called upon COP28 to increase the funds

UAE, Indonesia discuss boosting economic ties at Expo

The UAE Ministry of Finance and its Indonesian counterpart have