UAE Central Bank Launches Initiative to drive its Financial Sector 

The UAE Central Bank has launched the Financial Infrastructure Transformation Program (FIT) to accelerate digital transformation in the UAE’s financial services sector.

The FIT initiative was recently announced by the CBUAE, which also emphasized the program’s goal of assisting the nation’s financial services industry. The program would support digital transactions, according to the central bank, and would help the UAE remain competitive as a center for financial and electronic payments.

The program includes the execution of nine significant objectives.

The first stage includes the implementation of a “Card Domestic Scheme,”  an instant payments platform, and the issuing of Central Bank Digital Currency for cross-border and domestic use. These digital payment projects will encourage financial inclusion, payment innovation, security, and efficiency, as well as the transition to a cashless society.

The FIT Program will thereafter build and implement a multitude of digital infrastructures, such as a financial cloud, eKYC, and open finance platforms.

The FIT Program, with complete integration scheduled for 2026, establishes an important platform in support of the country’s ‘We the UAE 2031’ vision and National Digital Economy Strategy. 

According to Khaled Mohamed Balama, governor of the Central Bank of the United Arab Emirates, the FIT Program symbolizes the goals and plans of its enlightened leadership for digitizing the economy and growing the financial sector.

He continued by saying that they will work with their partners to implement the program, accomplish its objectives, hasten the adoption of digital services in the financial industry, and draw in top talent.

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