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 5265 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
212 VIP Extra Limited Edition [21246-Views]
Get closer- your makeup is invisible with Make Up For Ever's New Ultra HD Concealer [20451-Views]
Detox your scalp, detox your mind with new Head & Shoulders Charcoal [16872-Views]
The RL50 Handbag: Introducing a New Icon [16179-Views]
Roberto Cavalli launches new Florence Amber [14247-Views]
SPRING 2019: MEET ‘CECE' [14088-Views]
THE RECIPE for healthy skin [10533-Views]
Italian Wonder D1 Milano Announces New Releases at Baselworld 2019 [10430-Views]
Esposa Prive - Viktor&Rolf Mariage - Spring/Summer 2019 [9532-Views]
NEW OLAY WHIPS: Powerful Skincare, NOW Light as Air [9299-Views]
Record Number of Innovations at the ISH: GROHE is Shaping the Future of Water [9196-Views]
Cerruti 1881 [8216-Views]
The World of Aigner [7610-Views]
GROHE Shapes the Future of Water with a record number of innovations at ISH 2019 [7351-Views]
The RL50 Handbag: Introducing a New Icon [6863-Views]
Chaumet Launches The Bolero Watch [6777-Views]
SOUQ's ‘Everything For You Sale' is Back, Offering Savings Of Up To 70% [6503-Views]
Michael Kors Watches | Summer 2019 [6363-Views]
Dabur Amla Kids – Natural nourishment for your child's hair [6302-Views]
OPPO confirms 10x Hybrid Zoom tech to launch in Middle East [6183-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories