UAE’s Central Financial institution Initiates Historic Cross-Border Digital Dirham Switch to China

On January 29, Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Financial institution of the UAE, marked a momentous event by conducting the first-ever cross-border cost utilizing the UAE Central Financial institution’s digital foreign money, the ‘Digital Dirham.’

The transaction, amounting to Dh50 million, was executed by means of the revolutionary ‘mBridge‘ platform, connecting the UAE immediately with China.

UAE’s Historic Cross-Border Switch

The historic cross-border switch to China passed off whereas Sheikh Mansour attended the celebration of the ‘Golden Jubilee’ of the institution of the Central Financial institution and the commencement of 1,056 Emiratis from the inaugural batch of the ‘Ethraa Emiratisation’ program, held on the Abu Dhabi Nationwide Exhibition Centre.

Throughout the transaction, Sheikh Mansour emphasized the strategic dedication of the UAE’s management to solidify the nation’s place as a world monetary hub.

He spoke of the pivotal position of the Central Financial institution in fostering monetary and financial stability, optimizing effectivity and adaptability within the monetary system, and propelling financial development to advance the nation’s improvement efforts.

In his tackle, Sheikh Mansour reiterated the management’s dedication to empowering Emirati residents and fostering their {qualifications} throughout numerous fields of labor and information.

This dedication, he defined, goals to offer the monetary sector with extremely certified nationwide abilities, aligning with the very best worldwide requirements and contributing to the general cultural and developmental renaissance witnessed by the nation.

Congratulating the workers of the Central Financial institution and the Emirates Institute of Finance, in addition to the completed graduates of the Ethraa program, Sheikh Mansour wished them success in serving their nation and contributing to its continued progress.

‘Progressive Initiatives’ Pavilion

The occasion additionally concerned the ‘Progressive Initiatives’ Pavilion, the place the Central Financial institution’s subsidiaries showcased their initiatives.

Right here, the Sheikh witnessed the launch of Al Etihad Funds firm and the primary profitable monetary transaction utilizing the native cost card system, which incorporates distinctive specs.

Sheikh Mansour additionally acquired briefings on the companies provided by the Aani prompt cost platform, launched by Al Etihad Funds in October 2023, and the supervisory know-how challenge ‘Suptech.’ These initiatives replicate the UAE’s dedication to staying on the forefront of monetary know-how and innovation.