The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) have signed a memorandum of understanding (MoU) to enhance cooperation and promote innovation in financial products and services.
The two central banks will collaborate on various emerging areas of FinTech, especially Central Bank Digital Currencies (CBDCs) and explore interoperability between the CBDCs of CBUAE and RBI. CBUAE and RBI will jointly conduct proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade. This bilateral engagement of testing cross-border use cases of CBDCs is expected to reduce costs, increase the efficiency of cross-border transactions and further the economic ties between India and UAE.
The MoU, signed in Abu Dhabi on Wednesday, also provides for technical collaboration and knowledge sharing on matters related to Fintech and financial products and services.
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