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UAE: Ministry of Finance signs MoU with CBUAE to unify digital payment systems
The Central Bank of the UAE ('CBUAE') announced, on 2 November 2021, that it had signed a Memorandum of Understanding ('MoU') with the Ministry of Finance to transfer the Ministry's e-Dirham Platform to the CBUAE, unifying the federal government's digital payment systems. In particular, the CBUAE stated that the MoU aims to provide a mechanism to transfer all assets, systems, and operations relating to e-Dirham payments setting forth innovative national service to the public and private sectors.
Furthermore, the CBUAE notes that the MoU forms part of its efforts to enhance service standards provided by government entities and keep pace with the digital transformation in the financial services sector.
You can read the press release here.
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