His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Central Bank of the UAE (CBUAE), presided over the seventh CBUAE Board of Directors meeting at Qasr Al Watan.
Commending the Central Bank's efforts, Sheikh Mansour highlighted its role in promoting financial inclusion, fostering economic resilience, and achieving sustainability goals. He lauded the CBUAE for winning the Leading Federal Entity Award (Mohammed bin Rashid Government Excellence Award 2024) and its advancements in regulatory frameworks, innovation, and digital transformation.
The Board reviewed significant progress in the Financial Infrastructure Transformation Programme (FIT), achieving an 85% completion rate. It approved the creation of "Nebras Open Finance LLC," a subsidiary for open finance infrastructure and a digital “Know Your Customer” platform, in alignment with Federal Decree Law No. (30) of 2024.
Additionally, the Board examined the 2024 financial results, which showed a 22% increase in the CBUAE's assets to AED877 billion and a 9% growth in banking sector assets to AED4.462 billion. Notably, the Emiratisation initiative surpassed its 2024 targets, achieving a 121% employment rate with over 2,200 Emiratis hired.
The "Aani" instant payment platform, launched during its trial phase, has already gained over one million users, processing 400,000 transactions daily and monthly payments exceeding AED20 billion.
Key legislative approvals included five fintech laws, 24 licences, and three insurance regulations to strengthen the sector's transparency and governance.
Sheikh Mansour reiterated the Central Bank’s pivotal role in enhancing the UAE’s financial landscape through innovation and inclusivity.
News Source: Emirates News Agency
