UAE-Saudi digital currency project to cut remittance costs

Editorial & Review Staff

Editorial & Review Staff

Editorial & Review Staff articles have been checked and revised.

Share This Post

UAE Central Bank governor Mubarak Al Mansouri said the UAE-Saudi digital currency project will help cut remittance costs.

It will also contribute to enhancing transfers among banks and mutual trade between the two countries, Al Mansouri added on the sidelines of the Annual Conference of KSA and UAE Banks.

Both countries have planned 44 joint projects under the “Strategy of Resolve”, which outlines three main axes in the fields of economy, human and knowledge, as well as politics, security and military.

A large package of joint economic initiatives and programs falls under the economic axis, including digital currency, establishment of a joint investment fund to invest in small and medium-sized enterprises, and enablement of banks in both countries.

It also comprises harmonizing economic procedures and legislations and setting up a joint council to coordinate foreign investments.

The UAE and Saudi central banks have also launched a distributed ledger “proof of concept” system to facilitate cross-border settlements, Al Mansouri stated.  

In January, the Saudi Arabian Monetary Authority (SAMA) and the UAE central bank launched the common digital currency project called “Aber”.

Article reflects author's own opinion.

In any circumstances can CCG be responsible for potential losses regarding investments or services, either referenced by the author in the article or by any links provided.

This platform is intended to share educational knowledge, open for several external author's and in no way represents any financial advisement.

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Articles

Subscribe To Our Newsletter

Get updates and learn from the best

More To Explore

Do You Want To Boost Your Business?

Send us a Press Release or article about your business

Have a new token to present? Some interesting project that uses blockchain? Or maybe one idea you'd like to write about? Share it to the world here.