RBI & Central Bank of UAE sign MoU to boost innovative financial products/services
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- Last Updated on 18 March, 2023
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Press Release: 2022-2023/1874, Dated 15.03.2023
The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) signed a Memorandum of Understanding (MoU) on 15.03.2023 in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services.
Under the MoU, both the central banks will collaborate on various emerging areas of FinTech, especially Central Bank Digital Currencies (CBDCs) and explore interoperability between the CBDCs of CBUAE and RBI.
Further, the CBUAE and RBI will jointly conduct proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade. This bilateral engagement of testing cross-border use case of CBDCs is expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India and UAE.
Also, the MoU provides for technical collaboration and knowledge sharing on matters related to Fintech and financial products and services.
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