Business

UAE and Saudi Arabia’s central banks award the Global Impact Award for 2021

Abu Dhabi: The Central Bank of the UAE (CBUAE) and the Saudi Arabian Central Bank (SAMA) have been awarded the Global Impact Award by Central Banking Magazine for their work on Project Aber. Project Aber, as proof of concept,’s first joint initiative due to the joint commitment of the CBUAE and Saudi Central Bank to innovation, is to investigate whether distributed large-scale technology (DLT) enables cross-border payments between the two countries by rely on a dual-issue digital currency as a settlement unit between commercial banks in the two countries and domestically. The goal is to help address pain points facing cross-border payments, especially to reduce transfer time and costs. The results of the pilot project were implemented during 2020 and 2021 with the active participation of a number of commercial banks from the UAE and Saudi Arabia. , by relying on DLT-based infrastructure.

EMIRATI TODAY - Emirati News, the UAE Daily News

“Extensive digitization of financial services, supported by innovation, is one of our primary focus areas. “Together with the Saudi Arabian Central Bank, we have started Project Aber to issue a joint central bank’s digital currency,” said Khaled Mohamed Balama, Governor of the UAE Central Bank. “We are delighted that Project Aber has been selected as the winner of the Global Impact Award in 2021, and that we are working with the Saudi Arabian Central Bank from the concept stage to implementation. We are confident that the promising results of this project will enable us to further explore the potential of DLT, with a broader aim to transform the financial and banking systems of our countries. ” The CBUAE and the Saudi Arabian Central Bank published the results of Project Aber in late 2020.