Dubai FinTech Summit’s Post

🇦🇪✨ Embracing Economic Stability: Dive into latest insights on financial markets report by the Central Bank of The UAE 📈 Committed to transparency, this report encapsulates key developments and annual change ratios from September 2022 to September 2023, fostering an informed financial community. #CBUAE #FinancialStability #UAEeconomy #BankingInsights #VirtualAssets #Crypto #License ♦️ Are you seeking guidance on applying for a license to conduct virtual assets regulated activities in #Dubai or #AbuDhabi❓Look no further❗️ Drop us a line⤵️ ➡{Contact@cryptosconsultancy.com}

🌍 Central Bank Digital Currencies (#CBDCs) are reshaping the financial landscape in the MENA region! From Saudi Arabia and UAE's pioneering Project Aber to Bahrain and UAE's collaborations on cross-border payments, the region is embracing the future of digital finance. With a focus on enhancing payment efficiency and driving financial inclusion, MENA's central banks are exploring the transformative power of CBDCs. Curious about how these initiatives could redefine cross-border transactions and impact global finance? Dive into our blog for an in-depth look at the evolving CBDC landscape in the region. 👇 https://lnkd.in/gGYH8YBT

🌍 Exciting News from the Central Bank of the UAE! 🌍 The UAE Central Bank has launched the MVP platform of the mBridge project – the first multi-CBDC platform ready for wholesale cross-border payments and settlements. Key partners include the BIS Innovation Hub Hong Kong Centre, Hong Kong Monetary Authority, Bank of Thailand, and Digital Currency Institute of the People’s Bank of China. In January 2024, Sheikh Mansour Bin Zayed Al Nahyan initiated the first Dh50 million cross-border 'Digital Dirham' payment to China on the mBridge platform. This marks the first real-value cross-border CBDC payment between a MENA country and a nation outside the region on an MVP-ready platform. This milestone highlights the UAE's commitment to innovation and enhancing global financial infrastructure. 🚀 #DigitalTransformation #CBDC #Fintech #CrossBorderPayments #Innovation #UAE #mBridge #DigitalCurrency #FinancialInnovation 𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳 : 𝘊𝘰𝘯𝘵𝘦𝘯𝘵 𝘴𝘩𝘢𝘳𝘦𝘥 𝘩𝘦𝘳𝘦 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘯𝘰𝘵 𝘢 𝘱𝘳𝘰𝘮𝘰𝘵𝘪𝘰𝘯 𝘰𝘳 𝘦𝘯𝘥𝘰𝘳𝘴𝘦𝘮𝘦𝘯𝘵 𝘰𝘧 𝘢𝘯𝘺 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘦𝘯𝘵𝘪𝘵𝘪𝘦𝘴 𝘰𝘳 𝘱𝘳𝘰𝘥𝘶𝘤𝘵𝘴.

The Central Banks of UAE and Seychelles have signed two significant MoUs to promote the use of local currencies for cross-border transactions, with plans to extend this to Central Bank Digital Currencies (CBDCs). This move aims to enhance financial cooperation, reduce transaction costs, and support bilateral trade. The agreement will also interlink payment systems between the two countries, fostering a seamless financial ecosystem. Discover more about this groundbreaking initiative! 🚀💳 #Crypto #Fintech #CBDC

Central Bank UAE and Central Bank of Seychelles Strengthen Ties with New MoUs 🌍💱 The #CentralBankUAE and the Central Bank of Seychelles signed two MoUs to promote the use of local currencies for cross-border transactions and interlinking payment and messaging systems. 🌍 Exciting Development: Central Banks of UAE and Seychelles Sign MoUs! 🌍 The Central Bank of the UAE and the Central Bank of Seychelles have signed two pivotal Memorandums of Understanding (MoUs). These agreements are set to: 🔗 Promote Local Currencies: Enhance the use of local currencies for cross-border transactions, fostering more seamless international trade. 💬 Interlink Payment Systems: Integrate payment and messaging systems between the two nations, streamlining financial operations and reducing transaction costs. This collaboration marks a significant step toward more efficient and interconnected financial systems in the region. Stay tuned for updates on how these developments will impact cross-border transactions and financial technology advancements. For all your inquiries regarding the application of license to conduct a virtual assets regulated activities, in Dubai and Abu Dhabi. Drop us a line ➡Contact@cryptosconsultancy.com #CentralBankUAE #Regulation #CentralBankSeychelles #CrossBorderTransactions #crypto #License #VirtualAssets #VARA #GM #PaymentSystems #finance

𝗘𝘅𝗰𝗶𝘁𝗶𝗻𝗴 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁𝘀 𝗮𝗿𝗲 𝘂𝗻𝗱𝗲𝗿𝘄𝗮𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗖𝗕𝗗𝗖 𝗹𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲 𝗮𝗰𝗿𝗼𝘀𝘀 𝗜𝗻𝗱𝗶𝗮, 𝘁𝗵𝗲 𝗠𝗶𝗱𝗱𝗹𝗲 𝗘𝗮𝘀𝘁, 𝗮𝗻𝗱 𝗔𝗳𝗿𝗶𝗰𝗮! Governments and central banks are exploring digital currencies to enhance financial inclusion, streamline transactions, and drive economic growth. With initiatives like India's digital rupee pilot and Africa's digital currency experiments, UAE’s Central Bank's historic cross-border Digital Dirham transfer. The regions are at the forefront of fintech innovation. 𝘚𝘵𝘢𝘺 𝘵𝘶𝘯𝘦𝘥 𝘢𝘴 𝘊𝘉𝘋𝘊𝘴 𝘳𝘦𝘷𝘰𝘭𝘶𝘵𝘪𝘰𝘯𝘪𝘻𝘦 𝘵𝘩𝘦 𝘸𝘢𝘺 𝘸𝘦 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵 𝘢𝘯𝘥 𝘱𝘢𝘷𝘦 𝘵𝘩𝘦 𝘸𝘢𝘺 𝘧𝘰𝘳 𝘢 𝘮𝘰𝘳𝘦 𝘢𝘤𝘤𝘦𝘴𝘴𝘪𝘣𝘭𝘦 𝘢𝘯𝘥 𝘦𝘧𝘧𝘪𝘤𝘪𝘦𝘯𝘵 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘧𝘶𝘵𝘶𝘳𝘦. 𝘛𝘰 𝘣𝘦 𝘱𝘢𝘳𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘤𝘰𝘯𝘷𝘦𝘳𝘴𝘢𝘵𝘪𝘰𝘯 𝗝𝗼𝗶𝗻 - https://lnkd.in/gKQMPxjy - 𝗮𝗻𝗱 𝗙𝗼𝗹𝗹𝗼𝘄: Africa India Fintech Alliance ( AIFA) #CBDC #Fintech #Innovation #DigitalCurrency #India #MiddleEast #Africa

The Middle East and Central Asia are at the forefront of exploring central bank digital currencies (CBDCs), with nearly two-thirds of countries in the region examining their potential. CBDCs are digital currencies issued by a country’s central bank and have the same value as the nation’s fiat currency. One of the key benefits of CBDCs is the enhancement of cross-border payment efficiency. By reducing transaction costs and overcoming regional payment frictions, CBDCs address a significant priority for GCC countries. Saudi Arabia is actively pursuing the development of its own CBDC and has recently joined Project mBridge, a collaborative initiative involving China, the UAE, and other countries to explore a multi-central bank digital currency platform. While CBDCs offer advantages like improved payment efficiency and reduced reliance on the US dollar, they could also compete with bank deposits, affecting bank profits and financial stability. Policymakers need to balance these risks with the potential benefits, ensuring a robust banking system and strong regulatory frameworks to support the transition. https://lnkd.in/df35in55 #DigitalCurrency #MiddleEast #Innovation

🌐 Central Bank Digital Currencies: Insights from the IMF! 📊 The IMF has released a pivotal paper titled “Central Bank Digital Currencies and Financial Stability: Balance Sheet Analysis and Policy Choices,” shedding light on the implications of retail CBDCs for financial stability. Here’s a concise summary of the key points: 🔹 Evaluation of Financial Stability: The paper analyzes how issuing retail CBDCs affects financial stability and outlines policy choices to mitigate potential adverse impacts. 🔹 Key Factors Influencing Stability: 1️⃣ Size of Issuance 2️⃣ Initial Conditions 3️⃣ Reactions from the Banking Sector and Central Bank 🔹 Addressing Potential Risks: If adverse effects arise, it’s crucial for policymakers to implement measures that ensure the benefits of CBDCs are realized while addressing risks. 🔹 Balance Sheet Analysis: The authors conduct a systematic examination of the balance sheet changes resulting from new liabilities for both central banks and the banking system. 🔹 Challenges in Financial Intermediation: Stability threats emerge when central bank balance sheets expand, leading to costly funding adjustments for banks, particularly during crises. 🔹 Policy Measures: Effective design choices can mitigate negative impacts, such as: • Promoting CBDCs as payment means rather than stores of value • Implementing zero- or negative remuneration • Setting limits on CBDC holdings • Enhancing interoperability with bank-operated payment systems 🔹 Replacing Cash vs. Competing with Deposits: Financial stability risks are minimal when CBDCs replace cash. However, competition with deposits is manageable if banks maintain ample excess reserves. 🔹 Innovative CBDC Designs: Features that support payment solutions, like tokenized deposits, can help maintain the integrity of money while safeguarding financial stability. For inquiries regarding licensing for virtual asset regulated activities in Dubai and Abu Dhabi, feel free to reach out ➡ Contact@cryptosconsultancy.com #CBDC #FinancialStability #IMF #Blockchain #DigitalCurrency #PolicyChoices #CryptoRegulation #CentralBankDigitalCurrency

Central bank digital currencies (CBDCs) are being actively explored by over 130 countries worldwide. What does this mean for future forms of value? 🤔 👉 Speaking at the World Economic Forum alongside Cecilia Skingsley, Head of the Bank for International Settlements – BIS Innovation Hub, Swift CEO, Javier Perez-Tasso stressed the importance of interoperability to avoid digital islands and progress towards the G20 goals, while maintaining strong guardrails on compliance and security. 👏 “There are going to be more ways of moving money in the future, not fewer. And people will want more choice, not less. We’re responsibly innovating together with the financial community to ensure interconnection and mitigate the effects of fragmentation,” he said. 🙌 Find out more about our CBDC interlinking experiments: https://okt.to/U5ZpAJ #cbdc #digitalcurrency #centralbanks #payments #crossborderpayments #wef24 #wef2024

The #IMF releases a paper that highlights its take on the issuance of #CBDCs, the potential risks involved and the applications of retail based programmable #CBDCs.