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
At #FAB, we're not just watching the digital currency evolution, we're leading it. By forging key international partnerships and pioneering cross-border digital currency initiatives, FAB is actively shaping the future of finance in the UAE and beyond. Our recent collaboration with Bank of China underlines our commitment to the China-UAE digital currency corridor, enhancing financial inclusion and streamlining cross-border transactions.
With initiatives like the mBridge project and our recent pilot with J.P. Morgan’s Coin Systems, we are at the forefront of utilising blockchain for seamless, secure cross-border payments. This not only boosts economic efficiency but also reduces costs, supports large migrant workforces, and ensures swift financial transactions free from traditional banking barriers.
Stay tuned as we continue to innovate and transform digital banking, keeping you one step ahead.
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1moФундамент любой валюты должен быть материален. Пример: энергия (нефть,газ и т.д.)