First Abu Dhabi Bank (FAB)’s Post

Given the UAE's significant migrant workforce, it's no surprise that cross-border digital currencies, underpinned by Digital Ledger Technology, are gaining traction. The strategic benefits of this payment infrastructure include: - Operational Efficiency: Fewer financial intermediaries (banks, clearinghouses) and lower settlement risks (delays, technical failures). - Improved Experience: CBDCs can complement existing options (money transfer services, digital wallets), boosting payment diversity, resilience, competition, and efficiency. - Macro-Level Benefits: Stimulates international commerce and remittances, while safeguarding currency sovereignty and monetary stability. For First Abu Dhabi Bank (FAB), the latest advancements follow the successful pilots with mBridge project and JPMorgan’s Onyx Coin Systems highlighting a growing strategic emphasis on stimulating faster, cheaper, and more inclusive cross-border payments. #CBDC #Fintech #GlobalFinance #UAE #FAB #mBridge #OnyxCoinSystems

Navigating Digital Assets: 🌐 Unravelling Regulations In a world propelled by tech, our study dives into the regulatory maze of #cbdcs, #cryptocurrencies, #stablecoin, and security tokens. The current regulatory landscape is rapidly evolving and fragmented. As crypto tech firms integrate with traditional finance and banks delve into crypto infrastructure and asset tokenisation, gaps and overlaps emerge. Defining a fitting regulatory regime, with potential legislative changes, adds a layer of intrigue to the ever-evolving markets. Join us on a journey of discovery as we decode the regulatory complexities that underpin the fascinating world of digital assets. Follow the link below for a deeper understanding: https://lnkd.in/d74jDyNe NAB Commonwealth Bank Consensys Perpetual Limited King & Wood Mallesons Santander Industrial and Commercial Bank of China Huawei China Telcom Tencent Saudi Central Bank – SAMA alrajhi bank Alinma Bank Emirates NBD Dubai Islamic Bank First Abu Dhabi Bank (FAB) Hyperledger Fabric R3 G42 Central Bank of the United Arab Emirates (CBUAE) Central Bank of Bahrain Bank ABC J.P. Morgan Convexity Central Bank of Nigeria

The movement of money is entering a new era, marked by innovations in payments driven by both private and public sectors. Central banks and regulators are exploring new technologies and frameworks, while the private sector addresses existing pain points and develops new use cases. Public-private partnerships are crucial in enabling groundbreaking improvements in payments and money movement. Visa’s work on the future of digital money focuses on blockchain-based currency, enhancing and integrating with public-sector initiatives. The HKMA, a leader in CBDC research, launched the e-HKD Pilot Programme in 2023 to explore e-HKD as a new digital currency for Hong Kong. Visa collaborated with commercial banks, including HSBC and Hang Seng Bank, to pilot “tokenized bank deposits” on a distributed ledger, enabling businesses and consumers to make payments and interact with other blockchain networks.

Have you heard about Project mBridge? Project mBridge has reached the minimum viable product (MVP) stage, a significant milestone for digital currencies and cross-border transactions. mBridge is a global collaboration involving central and commercial banks with the goal of creating a multi-central bank digital currency (CBDC) platform using distributed ledger technology (DLT), enabling instant cross-border payments and settlements. Here's why mBridge is important: - Cost Efficiency: Cutting significant costs in traditional cross-border payments. - Speed: Near-instant transactions, eliminating long waiting times. - Financial Inclusion: Ensuring universal payment access in areas with limited correspondent banking. - Blockchain Innovation: The mBridge Ledger facilitates real-time, peer-to-peer transactions on a new blockchain. Key players in this initiative include the BIS Innovation Hub, Bank of Thailand, Central Bank of the UAE, Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority, with the recent addition of the Saudi Central Bank as a full participant, along with 26 other central banks observing. As mBridge progresses to the MVP stage, private sector firms are invited to propose solutions and use cases. Could this be the future of global payments? Stay tuned for more updates! #mBridge #CBDC #Fintech #Blockchain #PaymentsRevolution

The IMF recently released a paper on CDBCs in the Middle East and Central Asia (ME&CA) region. Some key insights include: 1️⃣ Enhancing Financial Inclusion: CBDCs offer a unique opportunity to expand financial services to underserved populations by reducing reliance on cash and improving the accessibility of banking services. 2️⃣ Streamlining Payment Systems: The implementation of CBDCs can significantly enhance the efficiency of both domestic and cross-border payment systems, reducing costs and increasing transaction speeds. 3️⃣ Strengthening Financial Stability: While introducing new dynamics to the financial system, CBDCs can help maintain stability through carefully considered designs that address operational and market risks. There is also a section dedicated to CBDC design. Here considerations for DLT technology, operating model, cross-border considerations, privacy, and more are discussed. Kaleido is the industry leading and only provider of solutions that cover all these design choices. Schedule a demo with us to learn more! International Monetary Fund #blockchain #cbdc #dlt #financialinnovation

CBDC Case Study: Project mBridge: I recently did a #CBDC case study for Project Aber, and thought it would be interesting to do one for Project mBridge as well, which has made great progress. Project mBridge began in 2021, and as of June 2024, is now at the Minimum Viable Product (MVP) stage. The collaboration involves the Bank for International Settlements – BIS Innovation Hub, the Bank of Thailand, the Central Bank of The UAE, the Digital Currency Institute of the People's Bank of China, and the Hong Kong Monetary Authority (HKMA), with the Saudi Central Bank – SAMA recently joining as a full participant. The MVP platform is compatible with the Ethereum Virtual Machine (#EVM), allowing it to test new technology solutions and use cases. This multi CBDC platform, built on #blockchain technology, aims to tackle inefficiencies in crossborder payments by making transactions instant, cheap and universally accessible The platform supports real time, peer-to-peer payments and foreign exchange transactions, adhering to international standards and regulations. As of June 2024, #mBridge has over 26 observing members, including #centralbanks and financial institutions from around the world, enhancing its global reach and impact. 🚀 #fintech #blockchaintechnology #DLT #crossborderpayments #tech #digitalcurrency #defi #cbuae #sama #uae #saudiarabia #remittances #payments #emergingtech #mena #cbdcs #middleeast #gcc #innovation

🚀 Exciting News: Hong Kong Monetary Authority (HKMA) has released their phase 1 report for their e-HKD pilot program. The initiative aims to explore the potential and viability of a retail Central Bank Digital Currency (rCBDC) in Hong Kong through 6 different use cases. 16 firms including HSBC, Standard Chartered Bank, Hang Seng Bank, Visa, and Mastercard participated in the study. 🔑 Key Takeaways The pilot has identified three areas where an e-HKD could add unique value to Hong Kong's existing retail payment ecosystem: Programmability Tokenization Atomic Settlement Congrats to all the teams involved and look forward to what's next in Hong Kong. #eHKD #DigitalCurrency #fintech #blockchain #DLT #CBDC https://lnkd.in/gKzD3TTj

Congratulations to the Consortium teams of HKT, Boston Consulting Group (BCG), ZA Bank, VSFG for successfully completing the Hong Kong Monetary Authority (HKMA)’s #eHKD Pilot Programme. We look forward to the next stage of work as the consortium goes commercial in its quest to demonstrate the potential of the #tokenized #digitaleconomy and the innovative power of Central Bank Digital Currency (#CBDC) in the world's leading economies. The convergence of traditional financial markets and the web 3.0 economies is happening right here and right now! This is just the beginning! #ZA #ZABank #HKT #VSFG #paywithglass #BCG #HKMA #eHKD #ehkdpilot #web3 #CBDC #blockchaintechnology #DLT #ArtificialIntelligence #fintech #secondfinancialrevolution #futureofmoney #AI #blockchain #machinelearning #fintechstartups #cbdcs #digitaltransformation #infrastructure #innovation #dsterling #tokenization

The Universal Digital Payments Network (#UDPN)is proud to be a Gold Partner at the #CBDC Conference in Istanbul September 12-14. Please join us and our partner #GFT Technologies to learn more about the Universal Digital Payments Network and the series of PoCs we are running with leading global banks, technology companies, payment service providers, and other digital payment industry players. #cbdc #centralbank #blockchain #banking #digitalpayments

It's moving forward! Hong Kong progresses further on CBDC study with the second pilot phase of e-HKD. The Hong Kong Monetary Authority (HKMA) has announced the launch of the second phase of its "e-HKD" central bank digital currency (CBDC) pilot program. The move comes five months after the completion of the inaugural phase. This next phase will unveil an "enhanced e-HKD sandbox," designed to assist the participants in further developing and testing their proposed use cases. Furthermore, the HKMA will also assess the interoperability and interbank settlements between e-HKD and other tokenized forms of money. The CBDC pilot program highlights Hong Kong's commitment to the advancement of digital finances, showcasing innovative monetary applications ranging from tokenized deposits to Web3 trading and clearing. Take note, applications for the second trial phase are open until May 17, with the process scheduled to continue until mid-2025. #CBDC #e-HKD #DigitalCurrency #Fintech #Blockchain #HongKong