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. In April, Dubai announced plans for its own blockchain pilot project, which will be run by Dubai-based startup Blockchain. 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.