Abu Dhabi, UAE – During a virtual ceremony, the Central Bank of the United Arab Emirates and the Central Bank of the Philippines signed a memorandum of understanding aimed at enhancing financial cooperation and developing the sector’s infrastructure. In a way that supports trade and economic relations between the two countries.
The memorandum was signed by His Excellency Khaled Mohammed Balamma, Governor of the Central Bank of the Emirates. His Excellency Dr. Eli Remolona Jr., Governor of the Central Bank of the Philippines.
Facilitating processing operations
Under the memorandum, the two parties will work to enable seamless cross-border financial transactions by linking instant payment platforms in both countries. Study future options for linking national card exchanges and financial correspondence systems.
This initiative aims to facilitate financial processing and settlement processes, and enhance operational compatibility. In addition to exchanging experiences in developing digital currency platforms for central banks “CBDC” intended for individuals and institutions.
The memorandum also sets frameworks for cooperation in key areas of FinTech. Especially open finance and digital assets, in addition to promoting joint work in developing the Islamic banking and finance sector.
Providing safe and effective solutions
This strategic agreement reflects the two countries’ joint commitment to driving innovation in the financial sector and providing safe and effective solutions that serve common interests and strengthen bilateral ties.
His Excellency Khaled Mohammed Balama said that this agreement represents an important step towards building a more interconnected and innovative financial system between the UAE and the Republic of the Philippines. By adopting advanced payment technologies and exchanging experiences, today we are laying the foundations for a new era of sustainable economic integration and growth based on innovation.
For his part, Dr. Eli Remolona Jr. stressed that this partnership represents an important step in supporting the efforts of the Central Bank of the Philippines aimed at accelerating the digitization of payment systems and enhancing the efficiency of cross-border transactions.
He added that this has a direct impact on the Filipino community working in the UAE. By providing more efficient money transfer channels and advanced financial services that support their families in the Philippines. Stressing that there are great opportunities for cooperation in the fields of banking and Islamic finance, which contributes to building a solid and comprehensive financial system.
