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The Central Bank of the United Arab Emirates (CBUAE) has reportedly made central bank digital currency (CBDC) issuance a priority in its 2023-2026 roadmap. However, I've found no evidence of this roadmap on the CBUAE website, and we don't know whether the focus will be on retail or wholesale CBDC.

TransferWise obtained a license as a Money Services Provider in Abu Dhabi. The license will allow users in the United Arab Emirates (UAE) to transfer funds in the local dirham currency into accounts around the world through TransferWise's platform.

The Central Bank of the United Arab Emirates is to establish a new fintech office to implement its fintech strategy and roadmap.

The Saudi Central Bank and the Arab Monetary Fund (AMF) added the Saudi Riyal as a settlement currency in Buna, the AMF-owned regional cross-border payment system, following the inclusion of the UAE Dirham and Egyptian Pound.

The Central Bank of the United Arab Emirates (CBUAE) issued a new regulation on Stored Value Facilities (SVFs). The CBUAE aims to facilitate Fintech firms and other non-bank payment service providers easier access to the United Arab Emirates (UAE) market while continuing to safeguard the customers' funds, ensure proper business conduct and support the development of payment products and services. The scope of this regulation includes licencing, supervision and enforcement provisions applicable to the companies, which are licenced to provide SVF.

Emirates Digital Wallet, along with First Abu Dhabi Bank, FAB, Mashreq Bank, National Bank of Fujairah and Mastercard launched the klip Digital Cash Platform. Klip offers a simple way for users to transfer money to others via a mobile number and allows users to seamlessly pay for goods in-store using the existing merchant reach offered by its partner banks. It further enables small businesses to start accepting digital payments via mobile phones, meaning more businesses can tap into the digital economy. It is available whether or not the user has a bank account - there is no minimum requirement, other than being a resident of the UAE and having a SIM card. klip is instant, and when a klip transaction is made no personal financial data is transferred. https://www.edw.ae/faqs-2/

In the UAE, Dubai SME has allocated AED20 million "for the capital guarantee scheme launched by its financial arm, The Mohammed Bin Rashid Fund (The Fund), in partnership with Beehive, the first regulated peer-to-peer (P2P) lending platform in the Middle East & North Africa (MENA) region."

The Saudi Central Bank (SAMA) and the Central Bank of the United Arab Emirates (CBUAE) published the results of their joint "Aber" wholesale central bank digital currency (wCBDC) pilot project. The wCBDC was issued by SAMA and the CBUAE, and used only by them and participating banks, as a settlement unit for domestic and cross-border commercial bank transactions between Saudi Arabia and the UAE. The final results of the pilot project were consistent with the results of similar pilots conducted by a number of central banks.

Central Bank of the UAE and Bank Indonesia signed a memorandum of understanding, to boost mutual co-operation. It covers digital innovation in payment and financial services to facilitate more efficient and secure transactions, cross-border payment systems including retail payments, and frameworks of anti-money laundering and combatting the financing of terrorism

"The report contains a detailed analysis of the legal position of custodial wallet services across Australia, Germany, Japan, Jersey, the Netherlands, Singapore, the UAE, the UK and the US. "

On February 12, 2023, the Central Bank of the United Arab Emirates (CBUAE) published its Financial Infrastructure Transformation (FIT) Programme to accelerate the digital transformation in the financial services sector. It comprises implementation of nine key initiatives, including the issuance of central bank digital currency (CBDC) for cross-border and domestic uses.

The United Arab Emirates Securities and Commodities Authority (SCA) is reportedly getting ready to start issuing federal licenses to cryptocurrency service providers in the first quarter. The SCA will regulate the crypto industry with input from the central bank, but local financial centers can establish their own daily procedures around licensing.

The United Arab Emirates Securities and Commodities Authority has drafted a resolution on regulating crypto-assets to provide greater clarity for crypto-related projects.

"As digital assets transcend national borders, what does this mean for those interested in issuing or participating in a stablecoin project? What are the regulatory questions and other challenges that need to be considered? We take a look at the global picture in this comprehensive analysis."

According to the Hong Kong Monetary Authority (HKMA) the latest Project mBridge proof-of-concept (PoC) test has demonstrated that the wholesale central bank digital currency (CBDC) platform can speed up cross-border payments at reduced cost and with better transparency. Project mBridge is a collaboration between the Bank for International Settlements (BIS), HKMA, and the central banks of China,  Thailand, and United Arab Emirates, and commercial banks from each of those jurisdictions. More central banks are slated to join the platform, and a minimum viable product, with the aim of paving the way for the gradual commercialization will soon be launched. https://www.bis.org/review/r230925d.htm

The Middle East has seen a rapid rise in fintech in recent years, transforming the region's financial services landscape. Fintech makes the playing field increasingly dynamic and diverse, with various players, including financial institutions (FIs), offering innovative solutions across areas such as payments, lending, and wealth management. Governments in the region are actively supporting the development of fintech through regulations, investments, and initiatives to promote cashless payments. The region has also seen a boom in fintech investment, with several large deals and funds established to support startups. There is also a growing trend of collaboration between traditional banks and fintechs, as well as partnerships between regional fintechs and global players, to bring new solutions to the market.

The Central Bank of the United Arab Emierates (CBUAE) has engaged with G42 Cloud and R3 as the infrastructure and technology providers respectively for its central bank digital currency (CBDC) implementation. The first phase, which is expected to complete over the next 12 to 15 months, comprises (1) the soft launch of mBridge to facilitate real-value cross-border CBDC transactions for international trade settlement, (2) proof-of-concept (PoC) work for bilateral CBDC bridges with India, and (3) PoC work for domestic CBDC issuance covering wholesale and retail usage.