UAE’s Central Bank Initiates Historic Cross-Border Digital Dirham Transfer to China

On January 29, Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Bank of the UAE, marked a momentous occasion by conducting the first-ever cross-border payment using the UAE Central Bank’s digital currency, the ‘Digital Dirham.’

The transaction, amounting to Dh50 million, was executed through the innovative ‘mBridge‘ platform, connecting the UAE directly with China.

UAE’s Historic Cross-Border Transfer

The historic cross-border transfer to China took place while Sheikh Mansour attended the celebration of the ‘Golden Jubilee’ of the establishment of the Central Bank and the graduation of 1,056 Emiratis from the inaugural batch of the ‘Ethraa Emiratisation’ program, held at the Abu Dhabi National Exhibition Centre.

During the transaction, Sheikh Mansour emphasized the strategic commitment of the UAE’s leadership to solidify the nation’s position as a global financial hub.

He spoke of the pivotal role of the Central Bank in fostering financial and monetary stability, optimizing efficiency and flexibility in the financial system, and propelling economic growth to advance the country’s development efforts.

In his address, Sheikh Mansour reiterated the leadership’s dedication to empowering Emirati citizens and fostering their qualifications across diverse fields of work and knowledge.

This commitment, he explained, aims to provide the financial sector with highly qualified national talents, aligning with the highest international standards and contributing to the overall cultural and developmental renaissance witnessed by the country.

Congratulating the staff of the Central Bank and the Emirates Institute of Finance, as well as the accomplished graduates of the Ethraa program, Sheikh Mansour wished them success in serving their country and contributing to its continued progress.

‘Innovative Projects’ Pavilion

The event also involved the ‘Innovative Projects’ Pavilion, where the Central Bank’s subsidiaries showcased their initiatives.

Here, the Sheikh witnessed the launch of Al Etihad Payments company and the first successful financial transaction using the local payment card system, which includes distinctive specifications.

Sheikh Mansour also received briefings on the services offered by the Aani instant payment platform, launched by Al Etihad Payments in October 2023, and the supervisory technology project ‘Suptech.’ These initiatives reflect the UAE’s commitment to staying at the forefront of financial technology and innovation.