The United Arab Emirates ( UAE ) said it was developing a fintech system in partnership with Saudi Arabia to handle cross - border settlements , including those using cryptocurrencies . UAE central bank governor Mubarak Rashed al - din said fintech could play an important role in increasing financial inclusion and the bank was also working on associated regulations and legislation . As for cross - border crypto settlements , the two countries ’ central bank announced a “ proof of concept ” system which would be backed by their own fiat currencies . Mubarak also said the UAE central bank was close to completing crowdfunding regulations for the country .
The United Arab Emirates (UAE) said it was developing a fintech system in partnership with Saudi Arabia to handle cross-border settlements, including those using cryptocurrencies. UAE central bank governor Mubarak Rashed al-Mansouri said fintech could play an important role in increasing financial inclusion and the bank was also working on associated regulations and legislation. As for cross-border crypto settlements, the two countries’ central banks announced a “proof of concept” system which would be backed by their own fiat currencies. Mubarak also said the UAE central bank was close to completing crowdfunding regulations for the country.