UAE central bank selects technology and legal partners for CBDC project

R3, G42Technology firms R3 and G42 Cloud have been selected by the Central Bank of the UAE to assist in its development of a central bank digital currency (CBDC). The two firms will serve as the technology and infrastructure providers for the first phase of the project, while law firm Clifford Chance will provide legal oversight. This initial phase is expected to last 12-15 months and will comprise three pillars covering cross-border CBDC transactions for trade settlement, a proof-of-concept for bilateral bridges with India and a proof-of-concept for domestic CBDC issuance for wholesale and retail markets. H.E. Khaled Mohamed Balama, the governor of the CBUAE, has called the project a “key step” in the evolution of money and payments that will “accelerate our digitalisation journey and promote financial inclusion”.  The UAE has been involved in a number of CBDC pilots and proofs-of-concept to date, including Project Aber, which took place in 2020 and, in partnership with the Saudi Central Bank, explored the use of a digital currency to settle cross-border payments. ©2023 funds global mena


Change brings progress and long-term opportunities in Saudi Arabia

Saudi_ArabiaNaomi Waistell, an emerging markets fund manager at Polar Capital, analyses change in Saudi Arabia – a hydrocarbon country with green ambitions and which is set on a major economic...

New income streams

Romil_PatelAlthough it is awash with oil and, therefore, capital, the Gulf region is at a critical juncture: it must diversify its...

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.


Middle East Investor Roundtable 2020: Dimensions of diversification

Investors in the Middle East consider the tools that will be needed to navigate the Covid-19 crisis, the continued appetite for dividend and why it’s all about tech. Chaired by Romil Patel.

South Africa asset management roundtable: Global rebound on ice

Experts discuss the investment implications of the coronavirus pandemic, a delayed rebound in global growth and dealing with South Africa’s energy issues head on. Chaired by Romil Patel in Cape Town.

South African roundtable: Taking the bull by the horns

Our panel discusses Chinese investment in Africa, financial institutions’ contribution to economic sustainability and regulatory concerns. Chaired by Romil Patel in Cape Town.

ROUNDTABLE: Hooked to the global caravan

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.