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Sunday 03 March 2024


Sunday 03 March 2024

CBUAE: "FATF" Announcement of UAE Completion of the Requirements is a Testament of Concerted National Efforts to Combat Money Laundering and Terrorism Financing

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Tuesday 06 February 2024


Tuesday 06 February 2024

CBUAE revokes the licence and registration of Smart and Secure Insurance Agent

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Monday 05 February 2024


Monday 05 February 2024

CBUAE launches the fifth cohort of the Executive Certificate for Risk-Based Supervision Professionals

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Wednesday 31 January 2024


Wednesday 31 January 2024

CBUAE Maintains the Base Rate at 5.40%

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Tuesday 30 January 2024


Tuesday 30 January 2024

CBUAE imposes a financial sanction of AED 1.2 million on an insurance company operating in the UAE

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Monday 29 January 2024


Monday 29 January 2024

Mansour bin Zayed witnesses UAE Central Bank's Golden Jubilee

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Tuesday 16 January 2024


Tuesday 16 January 2024

Summary Report - Monetary Banking Developments - November 2023

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M-bridge

The Central Bank of the UAE together with the Bank for International Settlements, Innovation Hub Centre in Honk Kong, the Hong Kong Monetary Authority, the Bank of Thailand, and the Digital Currency Institute of the People’s Bank of China have issued the first Multiple CBDC Bridge (mBridge) Project report - a major milestone of international trade payment project, and a step closer to making cross-border trade payments easier, safer and in real-time,

mBridge uses central bank digital currencies (CBDC) for international fund transfers between participating banks, based on distributed ledger technology (DLT – also known as “blockchain”). Since February 2021, the CBUAE has worked with its global central banking partners to deliver this proof-of-concept, creating more efficient and innovative CBDC infrastructure to reduce obstacles to cross-border payments, including high costs, lack of transparency, low efficiency and other operational complexities.

 

The Report’s early results demonstrate a substantial improvement in cross-border fund transfer speeds - from multiple days to seconds, around the clock - and the potential to reduce correspondent banking costs significantly for the users, whilst improving bank inter-operability and ensuring regulatory compliance.

 

To read Connecting Economies Through CBDC report, please click here.

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Last updated on: Friday 28 October 2022

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