UAEs Central Bank Initiates Historic Cross-Border Digital Dirham Transfer to China
On January 29, Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Bank of the UAE, marked a momentous occasion by conducting the first-ever cross-border payment using the UAE Central Banks digital currency, the Digital Dirham.
The transaction, amounting to Dh50 million, was executed through the innovative mBridge platform, connecting the UAE directly with China.
UAEs Historic Cross-Border Transfer
The historic cross-border transfer to China took place while Sheikh Mansour attended the celebration of the Golden Jubilee of the establishment of the Central Bank and the graduation of 1,056 Emiratis from the inaugural batch of the Ethraa Emiratisation program, held at the Abu Dhabi National Exhibition Centre.
During the transaction, Sheikh Mansour emphasized the strategic commitment of the UAEs leadership to solidify the nations position as a global financial hub.
He spoke of the pivotal role of the Central Bank in fostering financial and monetary stability, optimizing efficiency and flexibility in the financial system, and propelling economic growth to advance the countrys development efforts.
In his address, Sheikh Mansour reiterated the leaderships dedication to empowering Emirati citizens and fostering their qualifications across diverse fields of work and knowledge.
This commitment, he explained, aims to provide the financial sector with highly qualified national talents, aligning with the highest international standards and contributing to the overall cultural and developmental renaissance witnessed by the country.
Congratulating the staff of the Central Bank and the Emirates Institute of Finance, as well as the accomplished graduates of the Ethraa program, Sheikh Mansour wished them success in serving their country and contributing to its continued progress.
Innovative Projects Pavilion
The event also involved the Innovative Projects Pavilion, where the Central Banks subsidiaries showcased their initiatives.
Here, the Sheikh witnessed the launch of Al Etihad Payments company and the first successful financial transaction using the local payment card system, which includes distinctive specifications.
Sheikh Mansour also received briefings on the services offered by the Aani instant payment platform, launched by Al Etihad Payments in October 2023, and the supervisory technology project Suptech. These initiatives reflect the UAEs commitment to staying at the forefront of financial technology and innovation.
The post UAEs Central Bank Initiates Historic Cross-Border Digital Dirham Transfer to China appeared first on CryptoPotato.
Text source: CryptoPotato
