UAE Makes First Cross-Border Digital Dirham Payment, With $13.6m Transfer to China
The UAE has completed the first cross-border payment using the Digital Dirham, after sending AED50m ($13.6m) to China.
The payment was sent by 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 (CBUAE), as he attended a celebration marking the CBUAE’s 50th Anniversary.
Sheikh Mansour made historic cross-border payment for the Central Bank’s digital currency “Digital Dirham” directly with China worth AED50 million through the “mBridge”.
UAE sends Digital Dirham payment to China
The mBridge uses central bank digital currencies (CBDC) for international fund transfers between participating banks, based on distributed ledger technology (DLT – also known as “blockchain”).
During the Central Bank of the UAE event, Sheikh Mansour also witnessed the graduation of the first batch of 1,056 male and female citizens from the “Ethraa” programme, having completed a high-level training and qualification programme at the Emirates Institute of Finance.
Ethraa programme aims to foster Emirati representation in the financial sector by building advanced national capacities and qualifying a generation of national expertise capable of leading the business sectors in the UAE.
The ceremony showcased the progress and development journey that the CBUAE has witnessed over 50 years, during which the apex bank has contributed to strengthening financial and monetary stability and driving the wheel of economic growth in the UAE.
This is in addition to launching a package of innovative projects implemented by the Central Bank’s subsidiaries within the Financial Infrastructure Transformation Programme (FIT programme) to accelerate the digital transformation in the financial services sector as part of a wider strategy aimed at enabling the CBUAE to be among the top central banks globally.
Sheikh Mansour affirmed the keenness of the wise leadership to continue strengthening the position of the UAE as a global financial centre.
He pointed to the CBUAE’s role in consolidating financial and monetary stability and achieving efficiency and flexibility in the financial system, in addition to promoting economic growth and driving developmental efforts in the country.
Sheikh Mansour underlined the leadership’s unwavering commitment to empowering United Arab Emirates national cadres in line with the best international practices.
He said: “By equipping them with the necessary skills and knowledge across diverse fields, these qualified professionals will play a pivotal role in strengthening the financial sector and contributing to the nation’s ongoing progress”.
Sheikh Mansour was briefed on the services provided by the “Aani” instant payment platform, which was launched by the Al Etihad Payments in October 2023 based on highest international security standards for offering fast, convenient and secure way to transfer funds instantly.
He also witnessed the launch of the “Open Finance” which enables consumers to connect and share data across the entire financial ecosystem.
He also attended the launch of the visual identity of the Ombudsman Unit called “Sanadak” (Arabic for “Your Support”) being the first independent unit for settlement of banking and insurance disputes in the Middle East and North Africa.
