His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE, Deputy Prime Minister, Head of the Presidential Court, and Chairman of the Board of Directors of the Central Bank of the United Arab Emirates, chaired the bank’s Board of Directors meeting, which was held today at Qasr Al Watan in Abu Dhabi.
The meeting was attended by His Excellency Abdul Rahman Saleh Al Saleh, Vice Chairman of the Board of Directors of the Central Bank, His Excellency Jassim Mohammed Al Zaabi, Vice Chairman of the Board of Directors of the Central Bank, along with His Excellency Khalid Mohammed Al Balama, Governor of the Bank, and members of the Board of Directors, Younis Haji Al Khouri, Sami Dhaen Al Qamzi, and Dr. Ali Mohammed Al Rumaithi. In addition to Ahmed Saeed Al-Qamzi and Saif Humaid Al-Dhaheri, assistants to the governor, and Ibrahim Al-Sayyid Muhammad Al-Hashimi, Secretary-General of the Council.
The Council reviewed the topics on the meeting’s agenda, the progress of implementation of current projects and future plans, and the progress made in the projects of the Financial Infrastructure Transformation Program, which aims to stimulate innovation and digitize the sector and support the achievement of the digital economy for the UAE, including the Central Bank’s digital currency project (Digital Dirham), and the system The local payment cards “Gone”, the instant payment platform “Anni”, and the open finance system.
The Council reviewed the latest developments in the implementation of memorandums of understanding with the central banks that entered into partnerships with the Central Bank of the Emirates in order to link their financial infrastructure and discuss the possibility of inter-use of digital currencies on both sides with the aim of accelerating the completion and settlement of financial transactions, and reducing the cost to the participating parties in addition to increasing reliance. On the local currencies of the two countries.
The Council approved the issuance of a licensing and supervision system for stable virtual currencies, and some policies aimed at supporting the banking and insurance sectors and services related to the financial infrastructure. It reviewed the latest developments in the Central Bank’s plans to enhance Emiratisation and support national cadres in the financial sector, and the results achieved by the “Ithra” Emiratisation program in the financial sector.
The Council reviewed the applications submitted by a number of licensed banks and financial institutions and took the necessary decisions regarding them within the conditions and procedures determined by the Central Bank in order to preserve financial stability in the country.
His Highness Sheikh Mansour bin Zayed Al Nahyan praised the efforts of the Board of Directors of the Central Bank and the vital projects and initiatives aimed at establishing the future of the financial sector and supporting sustainable economic growth, stressing the importance of continuing to work to enhance the monetary and financial stability of the country and developing a strong financial infrastructure to consolidate the digital transformation of the UAE, through… Adopting artificial intelligence and financial technology in the regulatory and supervisory systems, which enhances the position of the Central Bank among the best central banks in the world.
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