UAE Conducts First Cross-Border Payment with "Digital Dirham"

The Vice President of the United Arab Emirates, Deputy Prime Minister, President of the Diwan of the Presidency, and Chairman of the Board of Directors of the Central Bank of the UAE, Sheikh Mansour bin Zayed Al Nahyan, conducted the first cross-border payment using the Central Bank's digital currency (digital dirham) directly with China, valued at 50 million dirhams through the "mBridge" platform. Al Nahyan was briefed on the services offered by the "Ani" instant payment platform, which was launched by the "Union Payments" company in October 2023, as well as on the Supervisory Technology (SupTech) project. This action took place during the celebration of the 50th anniversary of the establishment of the Central Bank at the Abu Dhabi National Exhibition Centre, where a series of innovative projects carried out by the bank's subsidiaries under the financial infrastructure program to accelerate digital transformation in the financial sector were launched. Al Nahyan highlighted the role of the Central Bank of the UAE in consolidating financial and monetary stability, achieving effectiveness and flexibility in the financial system, as well as promoting economic growth and advancing development efforts in the country.