The Institute of Chartered Accountants in England and Wales (ICAEW) has partnered with the UAE Banks Federation (UBF) to assist companies in navigating the rapidly evolving digital assets landscape.
This initiative aligns with the UAE’s advanced pilot of Central Bank Digital Currencies (CBDCs), underscoring the nation’s leadership in financial innovation.
CBDCs are digital versions of a country's sovereign currency, issued and regulated by the central bank. Designed to complement traditional physical currencies, they provide a secure and efficient means for digital transactions. The UAE is among only 36 countries globally currently piloting CBDCs.
Jamal Saleh, Director-General of the UAE Banks Federation, praised the UAE's progressive approach to CBDCs and AI, emphasizing the importance of robust cybersecurity measures and interdepartmental collaboration in embracing digital assets.
He noted,
Through joint efforts, such as our work with ICAEW, and constant upskilling, companies can achieve secure and compliant integration of digital assets.
Hanadi Khalife, Head of Middle East at ICAEW, highlighted the UAE’s proactive adoption of CBDCs as setting a global standard. She stated,
Our partnership with the UAE Banks Federation is a testament to our commitment to guiding this transformation. Accountants play a crucial role in ensuring organizational compliance and success in this new digital era.
The collaboration between ICAEW and UBF aims to provide the necessary guidance and support for companies to integrate digital assets securely and compliantly. This initiative marks a significant step in the UAE's journey towards financial innovation and the broader adoption of digital currencies.
With the UAE leading the charge in CBDC adoption, this partnership is poised to offer valuable insights and resources to companies, ensuring they remain at the forefront of the digital financial landscape. The combined efforts of ICAEW and UBF will help pave the way for a secure and efficient integration of digital assets, benefiting the entire financial sector in the UAE.
News Source: Emirates News Agency
