Report: Instant Payments

The UAE’s disruptive financial infrastructure is transforming the nation’s business landscape

Today’s corporations are navigating increasingly complex business environments as they tackle issues such as cost pressures, supply chain insecurities and evolving consumer expectations.

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Against this backdrop, adopting digital solutions is seen as a means to improve efficiency and enhance services. It also allows companies to make better decisions and identify opportunities for future economic growth.

In keeping with this trend, the UAE’s financial sector has steadily reformed its service offerings from a digital standpoint, taking guidance from the Central Bank of the UAE (CBUAE). In early 2023, CBUAE introduced its Financial Infrastructure Transformation (FIT) programme to help guide this progress in a phased manner.

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Over the coming years, the programme will result in the transformation of the UAE’s financial infrastructure, with a greater focus on digital transactions, instant payments, financial inclusion and security – all leading up to a financially stable, cashless society.

For corporates, this will mean several things ranging from improved cash flow and cost savings as a result of instant payments to facing disruption of existing business models.

On Wednesday, 1 November 2023, Mashreq and MEED jointly hosted a closed-door roundtable discussion to gain valuable insights into the future of instant payment systems, explore their economic advantages for businesses and consumers over traditional methods, and discover how cross-border payment capabilities impact international trade decisions. 

11 March, 2024 | .By Sarah Rizvi
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