CBUAE Board Approves Establishment Of Nebras Open Finance And Digital KYC Platform
His Highness Sheikh Mansour bin Zayed Al Nahyan, who holds several key positions including Vice President and Deputy Prime Minister, led the seventh meeting of the Central Bank of the UAE (CBUAE) Board of Directors. This meeting took place at Qasr Al Watan in Abu Dhabi. His Highness praised the CBUAE for its efforts in enhancing financial inclusion and stability.
The Board reviewed the progress of various projects, including the Financial Infrastructure Transformation Programme (FIT). This initiative aims to foster innovation and digitise the financial sector, aligning with national digital economy goals. The programme has reached an 85% completion rate, showcasing significant advancements.
The Board approved the creation of "Nebras Open Finance LLC," a subsidiary tasked with managing open finance activities. This includes establishing a digital "Know Your Customer" platform as per Federal Decree Law No. (30) of 2024. Additionally, they approved the Central Bank's estimated budget for 2025 and reviewed its 2024 financial statements.
The CBUAE's assets are projected to rise by 22%, reaching AED877 billion. The banking sector's assets also increased by 9%, from AED4.075 billion to AED4.462 billion, while capital and reserves of National Banks grew by 7%, from AED472.7 billion to AED505 billion.
The Board examined results from the Emiratisation initiative launched in 2022. This programme aims to empower Emiratis within the financial sector. The initiative exceeded expectations, achieving a 121% Emiratisation rate with 2,227 Emiratis employed, surpassing the target of 1,875 jobs.
Leadership roles saw a 14% increase in Emiratisation to 23.7%, while vital positions experienced an 18% rise to 36.6%. These figures highlight significant progress in integrating Emiratis into key roles within the financial industry.
Regulatory Developments
The Board approved several regulations and policies supporting both financial and insurance sectors. In financial technology, five legislations were issued, with 24 licences granted and another 75 applications under review. For insurance, three new regulations were introduced: General Disclosure for Insurance Companies, Health Insurance Claims Management Companies regulation (Third Party), and Foreign Insurance and Reinsurance Companies Representative Offices regulation.
The "Aani" instant payment platform was also discussed during the meeting. It has gained traction with over one million registered users among UAE nationals and residents during its trial phase. Supported by more than 50 licensed financial institutions, it facilitates high transaction volumes across the country.
Digital Payment Advancements
The "Aani" platform processes over 400,000 transactions daily, with monthly values exceeding AED20 billion. It is accessible at more than 80,000 stores offering cashless or cardless payments. As more institutions join, its reach is expected to expand further.
His Highness Sheikh Mansour acknowledged CBUAE's role in issuing regulatory frameworks that support innovation and digital transformation in finance. He highlighted their achievement in winning the Leading Federal Entity Award at the Mohammed bin Rashid Government Excellence Award 2024 for entities with over 500 employees.
With inputs from WAM
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