The UAE Central Bank and its Philippine counterpart sign a memorandum of understanding to enhance financial cooperation

The Central Bank of the United Arab Emirates and the Central Bank of the Philippines signed, during a virtual ceremony, a memorandum of understanding aimed at enhancing financial cooperation and developing the sector’s infrastructure, in a way that supports trade and economic relations between the two countries.

The memorandum was signed, according to a press release issued today, by the Governor of the Central Bank of the Emirates, Khaled Mohammed Al Amma, and the Governor of the Central Bank of the Philippines, Dr. Eli Remolona Jr.

Under the memorandum, the two parties will work to enable seamless cross-border financial transactions by linking instant payment platforms in both countries, and study future options for linking national card exchanges and financial correspondence systems.

This initiative aims to facilitate financial processing and settlement processes, enhance operational compatibility, in addition to exchanging experiences in developing digital currency platforms for central banks intended for individuals and institutions.

The memorandum also establishes cooperation frameworks in the main areas of financial technology, especially open finance and digital assets, in addition to enhancing joint work in developing the Islamic banking and finance sector.

This strategic agreement reflects the two countries’ joint commitment to advancing innovation in the financial sector, and providing safe and effective solutions, in a way that serves common interests and strengthens bilateral ties.

The Governor of the Central Bank of the Emirates, Khaled Mohammed Al Amma, said that this agreement represents an important step towards building a more interconnected and innovative financial system between the UAE and the Republic of the Philippines. By adopting advanced payment technologies and exchanging experiences, the foundations of a new phase of sustainable economic integration and innovation-based growth will be consolidated.

For his part, Central Bank of the Philippines Governor Dr. Eli Remolona Jr. stressed that this partnership represents an important step in supporting the bank’s efforts aimed at accelerating the digitization of payment systems and enhancing the efficiency of cross-border transactions.

He added that this has a direct impact on the Filipino community working in the UAE, by providing more efficient money transfer channels and advanced financial services that support their families in the Philippines, noting that there are great opportunities for cooperation in the fields of Islamic banking and finance, which contributes to building a strong and comprehensive financial system.