emirates7 - His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Central Bank of the UAE (CBUAE), presided over the seventh meeting of the CBUAE Board of Directors at Qasr Al Watan, Abu Dhabi.
Sheikh Mansour praised the CBUAE's efforts in promoting financial inclusion and stability, highlighting the Central Bank's achievement in winning the Leading Federal Entity Award at the Mohammed bin Rashid Government Excellence Award 2024 for entities with over 500 employees.
He also acknowledged the CBUAE's effective role in issuing regulations, fostering innovation, and advancing digital transformation to shape the future of the financial sector, bolster economic resilience, and support the UAE’s sustainable development goals.
The meeting was attended by CBUAE Deputy Chairmen Abdulrahman Saleh Al Saleh and Jassem Mohammad Al Zaabi, as well as CBUAE Governor Khaled Mohamed Balama and other board members.
The Board reviewed the agenda, discussing the progress of CBUAE projects and future plans, including the Financial Infrastructure Transformation Programme (FIT), which has reached an 85% completion rate. The FIT aims to innovate and digitize the financial sector to align with the nation's digital economy goals.
The Board approved the establishment of "Nebras Open Finance LLC," a new subsidiary tasked with operating a centralized infrastructure for open finance activities and creating a digital "Know Your Customer" platform, as per Federal Decree Law No. (30) of 2024.
Additionally, the Board reviewed the CBUAE's budget for fiscal year 2025 and the financial statements for 2024, which a 22% increase in the Central Bank’s assets, reaching a historic AED877 billion. The banking sector in the UAE also saw a 9% increase in assets, with national banks’ capital and reserves growing by 7%.
The Board also discussed the early results of the "Aani" instant payment platform, which has been operating in a trial phase. With over one million registered users, "Aani" is now processing more than 400,000 transactions daily, with a monthly value exceeding AED20 billion. The platform, which offers cashless and cardless payment options at over 80,000 stores, continues to grow as more financial institutions join.
The Board reviewed the 2024 outcomes of the CBUAE’s Emiratisation initiative, which has exceeded its target by hiring 2,227 Emiratis, reaching an Emiratisation rate of 121%. The initiative has also increased the Emiratisation rate in leadership positions by 14% and in key roles by 18%.
Furthermore, the Board approved the issuance of new regulations and policies to support the financial and insurance sectors. Among these were five regulations related to financial technology, 24 licenses granted, and 75 applications under review. For the insurance sector, three new regulations were approved, including those for general disclosure, health insurance claims management, and foreign insurance and reinsurance company representative offices.
Sheikh Mansour praised the CBUAE's efforts in promoting financial inclusion and stability, highlighting the Central Bank's achievement in winning the Leading Federal Entity Award at the Mohammed bin Rashid Government Excellence Award 2024 for entities with over 500 employees.
He also acknowledged the CBUAE's effective role in issuing regulations, fostering innovation, and advancing digital transformation to shape the future of the financial sector, bolster economic resilience, and support the UAE’s sustainable development goals.
The meeting was attended by CBUAE Deputy Chairmen Abdulrahman Saleh Al Saleh and Jassem Mohammad Al Zaabi, as well as CBUAE Governor Khaled Mohamed Balama and other board members.
The Board reviewed the agenda, discussing the progress of CBUAE projects and future plans, including the Financial Infrastructure Transformation Programme (FIT), which has reached an 85% completion rate. The FIT aims to innovate and digitize the financial sector to align with the nation's digital economy goals.
The Board approved the establishment of "Nebras Open Finance LLC," a new subsidiary tasked with operating a centralized infrastructure for open finance activities and creating a digital "Know Your Customer" platform, as per Federal Decree Law No. (30) of 2024.
Additionally, the Board reviewed the CBUAE's budget for fiscal year 2025 and the financial statements for 2024, which a 22% increase in the Central Bank’s assets, reaching a historic AED877 billion. The banking sector in the UAE also saw a 9% increase in assets, with national banks’ capital and reserves growing by 7%.
The Board also discussed the early results of the "Aani" instant payment platform, which has been operating in a trial phase. With over one million registered users, "Aani" is now processing more than 400,000 transactions daily, with a monthly value exceeding AED20 billion. The platform, which offers cashless and cardless payment options at over 80,000 stores, continues to grow as more financial institutions join.
The Board reviewed the 2024 outcomes of the CBUAE’s Emiratisation initiative, which has exceeded its target by hiring 2,227 Emiratis, reaching an Emiratisation rate of 121%. The initiative has also increased the Emiratisation rate in leadership positions by 14% and in key roles by 18%.
Furthermore, the Board approved the issuance of new regulations and policies to support the financial and insurance sectors. Among these were five regulations related to financial technology, 24 licenses granted, and 75 applications under review. For the insurance sector, three new regulations were approved, including those for general disclosure, health insurance claims management, and foreign insurance and reinsurance company representative offices.