Sheikh Mansour initiates first cross-border payment of Dh50m using UAE's Digital Dirham Image Credit: WAM

Abu Dhabi: Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Board of the Central Bank of the UAE, marked a significant moment on Monday by initiating the first cross-border payment using the UAE Central Bank’s digital currency, ‘Digital Dirham’, amounting to Dh50 million.

Sheikh Mansour conducted the historic transaction directly to China through the ‘mBridge’ platform, while attending the celebration of the ‘Golden Jubilee’ of the establishment of the Central Bank and the graduation of 1,056 Emiratis who comprise the first batch of the ‘Ethraa Emiratisation’ programme, held at the Abu Dhabi National Exhibition Centre.

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Sheikh Mansour emphasised the leadership’s strategic commitment to fortifying the UAE’s standing as a global financial hub and underscored the Central Banks’ role in fostering financial and monetary stability, optimising efficiency and flexibility in the financial system, and propelling economic growth to advance development efforts in the country.

Sheikh Mansour also highlighted the leadership’s dedication to empowering Emirati citizens and fostering their qualifications across diverse fields of work and areas of knowledge. This commitment 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, he added.

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

The Vice-President was briefed on the exhibits of the ‘Innovative Projects’ Pavilion set up by the Central Bank’s subsidiaries on this occasion.

He also witnessed the launch of Al Etihad Payments company, and a project that operates the local payment card system by conducting the first successful financial transaction using the payment card which includes distinctive specifications.

Sheikh Mansour was also briefed on the services provided by the Aani instant payment platform, which was launched by Al Etihad Payments in October 2023, in addition to the supervisory technology project ‘Suptech’.