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RBI and Central Bank of UAE sign MoU to promote innovation in financial products and services
Mar 16, 2023The Reserve Bank of India (RBI) and the Central Bank of the UAE sign MoU to promote innovation in financial products and services The Reserve Bank of India and the Central Bank of the United Arab Emirates signed a Memorandum of Understanding in Abu Dhabi on Wednesday to promote innovation in financial products and services.
As per the MoU, both central banks will work together to explore Central Bank Digital Currencies and investigate interoperability between the CBDCs of CBUAE and RBI. They will conduct proof-of-concept and pilot tests of the bilateral CBDC bridge to facilitate cross-border transactions of remittances and trade. This collaboration is expected to increase efficiency and reduce costs in cross-border transactions, furthering the economic ties between India and UAE.
The MoU also includes technical collaboration and knowledge sharing on matters related to Fintech and financial products and services. This collaboration will help both central banks enhance their capabilities and contribute to the development of a robust financial ecosystem. The collaboration between RBI and CBUAE is a significant step towards promoting innovation and collaboration in the field of FinTech. The joint exploration of CBDCs and cross-border testing is expected to pave the way for increased efficiency and cost reduction in cross-border transactions, benefiting both India and UAE.
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