UAE Central Bank launches program to accelerate digital transformation

this central bank of united arab emirates (CBUAE) launched the Financial Infrastructure Transformation (FIT) program to accelerate the digital transformation of financial services in the region.

The objective of the FIT program is to support the financial services sector and facilitate digital transactions in the UAE.The ultimate goal of the program is to support United Arab Emirates Become a global financial and digital payment center.

The UAE Central Bank launched the FIT program as part of a wider strategy aimed at making it one of the world’s top central banks.The launch of the program is also in line with the following vision Sheikh Mansour bin Zayed Al NahyanDeputy Prime Minister of the UAE and Chairman of the CBUAE Board of Directors.

Preparing the UAE for the ‘Digital Decade’

The central bank’s new plan consists of nine key initiatives. The first phase includes a range of digital payment infrastructure and services. As part of this, the plan will roll out a card domestic scheme, an instant payments platform and issue a CBDC for cross-border and domestic use.

These digital payment initiatives are designed to drive financial inclusion, foster payment innovation, secure and
efficiency, and the realization cashless society.

The FIT program will also see CBUAE adopt advanced regulatory technology and data management solutions to implement robust regulatory processes and better ensure financial stability.

As the UAE looks to prepare itself and its economy for the ‘digital decade’, the next phase of the plan is to develop and implement a range of digital infrastructure. These include building a financial cloud, eKYC, and an open financial platform. The UAE hopes these will improve regulatory compliance, reduce operating costs, foster higher levels of innovation and enhance customer experience. Ultimately, the plan aims to enhance security and “operational resilience” in the region.

‘Supporting a thriving UAE financial ecosystem’

His Excellency Khalid Mohammad Al BaramaThe governor of the Central Bank of the United Arab Emirates also discussed the new plan. He said: “The FIT program embodies the direction and desire of our wise leadership to digitize the economy and grow the financial sector. We are proud to build an infrastructure to support the thriving UAE financial ecosystem and its future growth.

“Together with our partners, we will implement the program and achieve its goals. We also aim to accelerate the adoption of digital services in the financial sector and attract the best talent.”

Full integration is currently planned for 2026. The FIT scheme was introduced to support the country’s “US UAE 2031Vision and National Digital Economy Strategy.

UAE’US UAE 2031‘ The vision is based on four pillars; expecting:

1. advance society – Advances in education, healthcare, human development, etc.
2. forward economy – Increase non-oil exports and use of alternative energy sources. Also included are plans to boost the UAE’s GDP.
3. forward diplomacy – Enhance the UAE’s international influence and strengthen cooperation with allies.
4. positive ecosystem – Focus on efficient government services, food and digital security and growth including infrastructure development