SaudiArabiaPR.com, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
UAE, Saudi Arabia using fintech for cross-border settlements

December 15, 2018:  Some media have reported incorrectly that UAE and Saudi Arabia have started using digital currency for cross-border settlements which will be backed by fiat currencies of the 2 nations. 

The Central Bank of the UAE (CBUAE) would like to clarify that CBUAE is working with the Saudi Arabian Monetary Authority (SAMA) on a joint project which constitutes a Proof-of-Concept (PoC) for experimenting with Blockchain technology to facilitate cross-border payments between the two countries. 

The PoC is still at an early stage and will help CBUAE gain a deeper understanding of the feasibility of distributed ledger technology in this field and explore the potential opportunities and benefits of a digital currency.

CBUAE and SAMA have selected a tech company to support the implementation of this PoC, which is expected to be completed in the last quarter of 2019. The project started with initial knowledge transfer sessions, and is currently in the phase of business and technical requirements gathering.

Once completed, the outcome of this PoC will determine whether a digital currency could be introduced in normal market operations between the two countries. 

 

Posted by : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 6716 times
PR Category : Banking & Investments
Posted on : Saturday, December 15, 2018  9:22:00 AM UAE local time (GMT+4)
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
As if Made from One Piece: GROHE Offers Individual System Solutions for the Entire Work Area Around ... [16490-Views]
Cerruti 1881' [15842-Views]
Saint Honore [14739-Views]
Chloé Launches The New Cloud-shaped “rosie” Sunglasses [11279-Views]
Let Your Style Roar [10799-Views]
Max Mara Resort 2020 Collection [10459-Views]
Festival of Speed Celebrates Aston Martin's Racing History [9463-Views]
Ralph Lauren Presented with an Honorary UK Knighthood [8327-Views]
A year on the road: Saudi Women Create First Women's Car Club in the Kingdom [8307-Views]
Ink Your Lips This Summer With Artist Rouge Ink, Make Up for Ever's New Airlightlip Color [7897-Views]
Sheikh Mansoor Bin Mohammed crowns Saudi Driving School as NAS Futsal Champions' [6375-Views]
Al Ain International Airport welcomes daily flights to Jeddah during Ramadan [6134-Views]
Saudi Arabia's Ministry of Energy, Industry and Mineral Resources signs a contract announcing major ... [5970-Views]
Genesis G70 Wins Best Luxury Sedan Award [4990-Views]
Aston Martin Valkyrie Wows Crowds on Public Debut at Silverstone [4932-Views]
Siemens to supply power equipment and services for 840 MW power plant in Iraq [4867-Views]
Sports Collection - Autumn Winter 2019 [4768-Views]
Global Cinema Chain, Cinépolis, Announces Six New Cinema Locations in the Kingdom of Saudi Arabia [3784-Views]
Ralph Lauren at The Championships, Wimbledon – Sunday 14th July [3780-Views]
Redtag's Ramadan Bonanza Winners [3313-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories