The Central Bank intends to provide digital savings and investment products for low-wage earners

The Central Bank stated that it intends to provide digital savings and investment products targeting workers and the low-salary segment, to enable them to earn interest on small amounts that are saved or invested, through the “CSDS” electronic platform (the central securities deposit platform), and this will be done within a year or two at most, indicating that it is working on developing a special agency for the Central Bank that uses smart contracts to facilitate workers’ financial lives and make it more organized, according to the Assistant Governor of the Central Bank for Banking Operations and Support Services at the Central Bank, Saif Al Dhaheri.

Al Dhaheri explained – during a discussion session within the activities of the “Financial Inclusion Leaders Summit in the Middle East and North Africa”, which was held in Abu Dhabi, last week – that the Central Bank launched the open finance system (Open Finance), which allows the worker to manage and export his transactions, and also provides him with price offers, for example, when buying a car or investing outside the country, as he can enter the “Open Finance” platform to see prices across all systems, choose the cheapest, and share data without the need to go to the bank.

Al Dhaheri added: “Another facility provided by the (Open Finance System) platform for workers is the ability to open a bank account from anywhere, after verifying the data, and they can also see the services documented and authorized through the system.” Al Dhaheri pointed out that “one of the most important features that the Central Bank is trying to introduce into the digital data account is the use of artificial intelligence and speaking the language of the workers, meaning that since the number of nationalities working in the country reaches 200 nationalities, we are trying to cover the most widespread languages,” pointing out that “the amount of financial interest This group is large, so it is useful to use artificial intelligence to speak their languages, to guide them on how to analyze and understand data in a simplified manner.”

He continued: “The financial system in the UAE is strong, and banks provide many diverse banking services and products that cover basic needs, as well as the exchange and money transfer sector.”

It is noteworthy that the “Open Finance System” launched by the Central Bank is a regulatory framework that allows users to share their financial data securely with trusted parties, so that these parties can provide innovative and personalized financial services, while ensuring banking supervision to protect rights and security at the same time.

The system requires all licensed financial institutions subject to the supervision of the Central Bank to participate within this framework with regard to the products and services covered by the system. The system began to be implemented in stages, the first of which was open banking, then expansion to open insurance and other fields.

• The open finance system “Open Finance” allows the worker to manage his transactions.