UAE and Philippines Central Banks Ink Landmark MoU to Link Instant Payment Platforms and CBDCs
The Central Bank of the UAE (CBUAE) and the Bangko Sentral ng Pilipinas (BSP) have signed a strategic Memorandum of Understanding (MoU) to bolster financial cooperation and digital infrastructure. Signed virtually by H.E. Khaled Mohamed Balama, Governor of CBUAE, and H.E. Dr. Eli Remolona Jr., Governor of BSP, the agreement focuses on enabling seamless cross-border transactions by linking the instant payment platforms of both nations. The partnership also outlines collaborative frameworks for exploring Central Bank Digital Currencies (CBDCs), Open Finance, and digital assets.
Governor Balama emphasized that this agreement is a milestone toward building a more interconnected and innovative financial ecosystem between the two nations. By leveraging advanced payment technologies and exchanging expertise, the UAE and the Philippines are laying the groundwork for a new era of sustainable economic integration. The MoU also covers the development of Islamic banking and finance, aiming to enhance operational interoperability and provide secure, efficient financial solutions that serve mutual strategic interests.