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CBUAE and SAMA awarded the 2021 Global Impact Award for their first-of-its-kind cross-border payment initiative Project Aber

CBUAE and SAMA awarded the 2021 Global Impact Award for their first-of-its-kind cross-border payment initiative Project Aber
zawya.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zawya.com Daily Mail and Mail on Sunday newspapers.

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Central bank digital currencies may increase financial inclusion but are a headache for lenders


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The rapid development of central bank digital currencies could help to boost financial inclusion and stability, but they pose a threat to banks and could weaken their ability to lend, according to a report by Fitch Ratings.
CBDCs would help to speed up cashless payments and could bring underbanked communities into the financial system in many emerging markets.
In the Bahamas, for instance, where the Sand Dollar CBDC was introduced in October, low-value CBDC transactions can be carried out using just a phone number or an email address for identification.
“The deployment of CBDCs will create opportunities to strengthen financial system inclusion, innovation, resilience and efficiency, but may also give rise to new risks,” said Monsur Hussain, an analyst at Fitch Ratings and co-author of the report. ....

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