The UAE Central Bank and the Reserve Bank of India on Wednesday signed an initial agreement to boost co-operation and enable innovation in financial products and services.
Through the agreement, which was signed in Abu Dhabi, the two banking regulators will collaborate on various emerging areas of FinTech, including Central Bank Digital Currencies, and will explore interoperability between their CBDCs, the UAE Central Bank said in a statement.
As per the agreement, they will conduct proof-of-concept and pilots of a bilateral CBDC bridge to enable cross-border CBDC transactions of remittances and trade, it added.
Central banks are looking into the development of digital currencies amid the growing popularity of cryptocurrencies as an asset class among retail and institutional investors.
Last month, the UAE Central Bank announced a programme to accelerate the digital transformation in the financial services sector, with initiatives spanning open finance and a new digital currency.
The new CBDC will be used for both cross-border payments and domestic usage to “address the problems and inefficiency of cross-border payments and help drive innovation for domestic payments, respectively”, the regulator said at the time.
The UAE Central Bank's latest agreement with the Reserve Bank of India also includes technical collaboration and knowledge-sharing on matters related to FinTech and financial products and services.
“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 [the] UAE,” the statement said.
Last year, India's central bank unveiled its first pilot programme for the e-rupee, allowing some banks to use the digital rupee to settle secondary market transactions in government bonds. The bank plans to start testing the retail uses of the digital form of the Indian rupee.
The rapid development of CBDCs could help to boost financial inclusion and stability, according to Fitch Ratings.
CBDCs will continue to gain momentum as regulators keep tailoring them to complement cash with digital central bank money, Boston Consulting Group said in a recent report.
Revenue from the payments industry in the UAE is expected to grow to $18.7 billion by 2031, driven by the young and tech-savvy population in the country, the report added.
The Bank of England and the Treasury have also set out a plan to introduce a new central bank currency, including a new state-backed digital pound that could be launched this decade.
Oman's central bank is also developing a digital currency and open banking services, the country's state news agency reported last year.
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Europa League group stage draw
Group A: Villarreal, Maccabi Tel Aviv, Astana, Slavia Prague.
Group B: Dynamo Kiev, Young Boys, Partizan Belgrade, Skenderbeu.
Group C: Sporting Braga, Ludogorets, Hoffenheim, Istanbul Basaksehir.
Group D: AC Milan, Austria Vienna , Rijeka, AEK Athens.
Group E: Lyon, Everton, Atalanta, Apollon Limassol.
Group F: FC Copenhagen, Lokomotiv Moscow, Sheriff Tiraspol, FC Zlin.
Group G: Vitoria Plzen, Steaua Bucarest, Hapoel Beer-Sheva, FC Lugano.
Group H: Arsenal, BATE Borisov, Cologne, Red Star Belgrade.
Group I: Salzburg, Marseille, Vitoria Guimaraes, Konyaspor.
Group J: Athletic Bilbao, Hertha Berlin, Zorya Luhansk, Ostersund.
Group K: Lazio, Nice, Zulte Waregem, Vitesse Arnhem.
Group L: Zenit St Petersburg, Real Sociedad, Rosenborg, Vardar
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Killing of Qassem Suleimani
The years Ramadan fell in May
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
KILLING OF QASSEM SULEIMANI
More from Neighbourhood Watch:
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
UAE currency: the story behind the money in your pockets
More on Quran memorisation:
More coverage from the Future Forum
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Killing of Qassem Suleimani
