The Central Bank of the United Arab Emirates and the Bangko Sentral ng Pilipinas have signed a memorandum of understanding to promote financial and economic collaboration, with a focus on making cross-border payments faster and easier through linking instant payment platforms. The MoU also sets out future plans to connect card switches and messaging systems, and provides for sharing expertise on central bank digital currencies, open finance, digital assets, and Islamic banking. Cooperation includes exchanging expertise in developing CBDC platforms for individuals and institutions, with the BSP highlighting potential benefits for remittance channels for Filipinos in the UAE.
Central Bank of the Philippines 2026-02-18
The Central Bank of the United Arab Emirates and the Bangko Sentral ng Pilipinas sign MoU to link instant payment platforms and deepen cooperation on CBDCs and Islamic banking
The Central Bank of the United Arab Emirates and the Bangko Sentral ng Pilipinas have signed a memorandum of understanding to enhance financial and economic cooperation, prioritising faster and easier cross-border payments through linking instant payment platforms. The agreement also envisages future connections of card switches and messaging systems and provides for knowledge sharing on central bank digital currencies, open finance, digital assets, and Islamic banking, including potential CBDC use for remittances from Filipinos in the UAE.