United Arab Emirates: Announced Financial Transformation Programme (FIT Programme) to accelerate the digital transformation of the financial services sector

On 12 February 2023, the Central Bank of the United Arab Emirates (CBUAE) launched the Financial Infrastructure Transformation Programme (FIT Programme), aiming to accelerate the digital transformation of the financial services sector. The FIT program includes nine key initiatives, such as creating a digital payment platform to facilitate digital transactions and e-commerce development in the UAE (Card Domestic Scheme) and creating a Central Bank Digital Currency (CBDC) that will be used for both domestic and cross-border payments. In addition, the FIT includes creating an Instant Payments Platform to accelerate the transition to a cashless society and creating the Financial Cloud, a sovereign financial infrastructure.