The Central Bank of the United Arab Emirates (CBUAE) and the Bangko Sentral ng Pilipinas (BSP) signed a memorandum of understanding to deepen financial cooperation, including work to enable seamless cross-border payments and support broader economic collaboration and bilateral trade. Under the MoU, the two central banks will pursue integration of their instant payment platforms and consider a future option to interlink national card switches and financial messaging systems, with the stated aim of streamlining processing and settlement, improving interoperability and enhancing operational efficiency. The agreement also provides for exchange of expertise on developing central bank digital currency (CBDC) platforms for individuals and institutions, cooperation in fintech areas including open finance and digital assets, and collaboration to develop the Islamic banking and finance industry; BSP linked the initiative to improving remittance channels for Filipinos in the UAE.
Central Bank of the UAE 2026-04-14
Central Bank of the United Arab Emirates and Bangko Sentral ng Pilipinas sign MoU to integrate instant payment platforms and cooperate on CBDC fintech and Islamic finance
The Central Bank of the United Arab Emirates and the Bangko Sentral ng Pilipinas signed a memorandum of understanding to deepen financial cooperation, including seamless cross-border payments and broader economic collaboration and trade. They will pursue integration of instant payment platforms, explore interlinking national card switches and financial messaging systems, exchange expertise on central bank digital currency platforms, and cooperate on fintech, open finance, digital assets and Islamic banking, with the Bangko Sentral ng Pilipinas highlighting potential improvements to remittance channels for Filipinos in the UAE.