United Arab Emirates Central Bank has launched a Financial Infrastructure Transformation (FIT) program which intends to enhance the pace of digital transformation of the financial services sector. Specifically, this initiative aims to promote digital transactions and encourage innovation in the space. This, in turn, will sharpen UAE’s prospects to become the financial and digital payment hub.

Explicitly, the program has nine initiatives and launching a central bank digital currency is one among them. According to the official statement, the CBDC will be launched to cater to the gaps and hindrances associated to international payments. Additionally, it will “help drive innovation for the domestic payments,” according to the statement.

The CBDC will be launched for both cross border and domestic use.

Read full press release.