The Finance World Magazine| Edition: March 2023
The March edition of The Finance World Magazine (TFW) delves into the Zayed Ambition 2 project, which strives to investigate the feasibility of leveraging the UAE's burgeoning space economy for sustainable development. This initiative showcases the country's commitment to diversifying its economy and reducing its reliance on oil. In a featured interview, CEO Shaaista Khan Osman and Managing Director Osman Osman of Blu Blood share their insights about the event management industry in the UAE. This issue also includes insights from Sridhar Vembu, CEO of Zoho Corporation, on emerging AI tools, along with some advice for SMEs and startups. Through this edition, we also bring you insights on topics like the UAE's steadfast dedication to sustainable growth and development, Dubai surpassing global and regional tourism recovery levels, the sports industry emerging as a promising sector magnetizing international investors, and many more key informational articles in the finance sector. Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
The March edition of The Finance World Magazine (TFW) delves into the Zayed Ambition 2 project, which strives to investigate the feasibility of leveraging the UAE's burgeoning space economy for sustainable development. This initiative showcases the country's commitment to diversifying its economy and reducing its reliance on oil.
In a featured interview, CEO Shaaista Khan Osman and Managing Director Osman Osman of Blu Blood share their insights about the event management industry in the UAE. This issue also includes insights from Sridhar Vembu, CEO of Zoho Corporation, on emerging AI tools, along with some advice for SMEs and startups.
Through this edition, we also bring you insights on topics like the UAE's steadfast dedication to sustainable growth and development, Dubai surpassing global and regional tourism recovery levels, the sports industry emerging as a promising sector magnetizing international investors, and many more key informational articles in the finance sector.
Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
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UAE Reforms<br />
UAE Set to Revolutionize Payment Systems<br />
with Launch of Digital Currency<br />
<strong>The</strong> Central Bank of the UAE<br />
(CBUAE) has announced<br />
its plans to roll out a digital<br />
currency for domestic and<br />
cross-border payments as part of its<br />
Financial Infrastructure Transformation<br />
Programme (FIT programme). <strong>The</strong><br />
programme is designed to accelerate the<br />
digital transformation of the financial<br />
services sector and consists of nine<br />
key initiatives.<br />
<strong>The</strong> first stage of the FIT programme<br />
will involve the launch of digital<br />
payment infrastructures and services,<br />
including a Card Domestic Scheme,<br />
an Instant Payments Platform, and<br />
the issuance of Central Bank Digital<br />
Currency (CBDC) for cross-border and<br />
domestic uses. <strong>The</strong> FIT programme<br />
aims to promote payment innovation,<br />
security, and efficiency, and drive the<br />
Emirates towards a cashless society.<br />
<strong>The</strong> FIT programme aligns with the<br />
country’s “We the UAE 2031” vision<br />
and National Digital Economy Strategy,<br />
with a full integration set for 2026.<br />
<strong>The</strong> central bank hopes to establish<br />
the Emirates as a financial and digital<br />
payment hub, as well as a centre of<br />
excellence for innovation and digital<br />
transformation. Central bank governor<br />
Khaled Mohamed Balama expressed his<br />
pride in building an infrastructure that<br />
will support a thriving UAE financial<br />
ecosystem and its future growth; “<strong>The</strong><br />
FIT Programme embodies the directions<br />
and aspirations of our wise leadership<br />
towards digitising the economy and<br />
developing the financial sector. We are<br />
proud to be building an infrastructure<br />
that will support a thriving UAE financial<br />
ecosystem and its future growth.”<br />
<strong>The</strong> launch of a CBDC will facilitate<br />
the UAE’s transition to a cashless<br />
society, a trend that has been gaining<br />
traction around the world in recent<br />
years. CBDCs are digital versions of<br />
traditional fiat currencies, backed by a<br />
central bank and designed to function<br />
as a means of payment. <strong>The</strong> use of<br />
CBDCs can bring several benefits to<br />
the financial system, such as increasing<br />
financial inclusion and reducing the<br />
cost and time required for international<br />
payments. Moreover, CBDCs can help<br />
combat money laundering and terrorist<br />
financing by enabling authorities to<br />
monitor transactions more closely.<br />
<strong>The</strong> launch of the FIT programme<br />
and the introduction of a CBDC mark<br />
a significant step forward for the UAE<br />
in its digital transformation journey.<br />
<strong>The</strong> initiatives will promote financial<br />
innovation and inclusion, increase<br />
efficiency and security in payments, and<br />
establish the Emirates as a leader in<br />
the digital economy. More information<br />
and updates on the FIT Programme’s<br />
pillars will be announced in due course.<br />
<strong>March</strong> <strong>2023</strong> www.thefinanceworld.com 15
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