Saudi Arabia and UAE explore shared digital currency

The Central Banks of Saudi Arabia and the United Arab Emirates will trial a common digital currency, aimed at lowering the costs of remittance transfers between the two countries.

Dubbed the ‘Aber’, this new unit of account will be used for financial settlements between the Kingdom and UAE through the use of digital ledger technologies.

It is anticipated that the project, initiated as a proof-of-concept, will have spin-off benefits beyond cross-border remittances, for instance as “an additional reserve system for domestic central payments settlement system in case of their disruption for any reason”

According to finextra.com, the initial stages of the trial will concentrate on technical aspects, with the use of the currency restricted to a limited number of banks in each state. If there are no technical obstacles encountered, economic and legal requirements for future uses will be considered.

Is this not just the perfect time to register to attend TCI’s Cross Border Remittances in the Digital Age Conference?

Join TCI and remittances and digital cross border payments professionals that will be in attendance at Cross Border Remittances in the Digital Age Conference 2010, to stay in the know about the latest in the remittancs and money transfers space, whilst operating in this ever-digitising world to be addressed by leading industry experts!

To register as a delegate email info@tci-sa.co.za 

All sponsorship & exhibition inquiries are handled by Jason Joseph jason@tci-sa.co.za, or call 011 803 1553

Send me the registration form
 

For more 10 years, TCI has been a registered and preferred conference organizer for all major banks and financial institutions.
*Vendor details available on request.