The United Arab Emirates (UAE) has launched a comprehensive program aimed at transforming the country’s financial infrastructure. Known as the Financial Infrastructure Transformation (FIT) program, it is designed to modernize and enhance the UAE’s financial system, making it more efficient, secure, and reliable.
The FIT program consists of several initiatives aimed at upgrading the UAE’s financial infrastructure. Some of the key initiatives include:
Real-Time Gross Settlement System (RTGS)
The FIT program aims to launch a new real-time gross settlement system that will allow banks in the UAE to settle high-value payments instantly and securely. The RTGS system will enable faster and more efficient settlement of large-value transactions, reducing operational risks and enhancing the overall efficiency of the financial system.
Central Bank Digital Currency (CBDC)
The UAE Central Bank is exploring the possibility of launching a digital currency that will be backed by the central bank. The CBDC will be designed to improve the efficiency of financial transactions, reduce the cost of cross-border payments, and enhance financial inclusion.
Open Banking
The FIT program also includes an initiative aimed at implementing open banking in the UAE. Open banking will allow customers to share their financial data with third-party service providers, enabling them to access a range of financial products and services. This initiative will promote innovation and competition in the financial sector, ultimately benefiting consumers.
Cybersecurity
The FIT program includes several initiatives aimed at enhancing the cybersecurity of the UAE’s financial system. This includes the implementation of advanced technologies such as blockchain, artificial intelligence, and machine learning to detect and prevent cyber threats. The FIT program will also promote awareness and training on cybersecurity for financial institutions and their employees.
Financial Inclusion
The FIT program aims to promote financial inclusion in the UAE by providing access to financial services for all segments of the population. This includes initiatives such as expanding the use of digital payment systems and promoting financial education to improve financial literacy.
KLOUDAC Accounting Firm Dubai, UAE
The Financial Infrastructure Transformation (FIT) program is a comprehensive initiative aimed at modernizing and enhancing the UAE’s financial system. KLOUDAC has a program that includes several initiatives aimed at upgrading the country’s financial infrastructure, promoting innovation, and enhancing cybersecurity. The FIT program is expected to improve the efficiency, security, and reliability of the UAE’s financial system, ultimately benefiting consumers and businesses alike.