#UAE’s financial system ‘more secure’ than ever before, central bank says

UAE’s financial system ‘more secure’ than ever before, central bank says

The UAE’s financial system is more secure and efficient than ever before on the back of technological and structural advancements, the Central Bank of the UAE (CBUAE) said.

The apex bank said the country’s financial system continues to enhance security, operational efficiency, accessibility of mobile banking applications, online banking, and overall customer experience. “The widespread implementation of technology has bolstered the security and efficiency of the UAE’s financial system,”” it said.

The monetary authority’s statement comes on the heel of a spate of reforms and innovative measures it has introduced over the past several months.

Last week, the CBUAE launched Sanadak, the first ombudsman unit catering to consumers of licensed financial institutions and insurance companies in the Middle East and North Africa (Mena) region.

In January, the CBUAE made the first cross-border payment for its digital currency ‘Digital Dirham’ directly with China worth Dh50 million through the “mBridge,” which uses central bank digital currencies (CBDC) for international fund transfers between participating banks, based on distributed ledger technology, also known as blockchain. In 2023, the central bank gave the go-ahead for the country’s first paperless direct debit marketplace, to provide payers and merchants with an all-in-one solution to make regular monthly payments.