The central banks of the UAE and the Philippines have signed an agreement to link their payment systems.
In a virtual ceremony, the Central Bank of the United Arab Emirates (CBUAE) and the Bangko Sentral ng Pilipinas (BSP) signed a memorandum of understanding (MoU) to support broader cooperation on financial infrastructure and payments connectivity.
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Under the agreement, the two authorities will work to integrate their instant payment platforms to enable seamless cross-border payment transactions.
The MoU also sets out a future option to interlink national card switches and financial messaging systems.
The central banks said the work is aimed at streamlining transaction processing and settlement, and seeks to improve interoperability and operational efficiency across participating systems.
The MoU also provides for collaboration on central bank digital currency (CBDC) initiatives. This includes sharing expertise on the development of CBDC platforms for individuals and institutions.
Beyond payments, the agreement outlines cooperation in fintech areas including open finance and digital assets. It also includes joint efforts linked to the development of the Islamic banking and finance industry.
BSP governor Dr Eli M Remolona, Jr, said: “This partnership supports the BSP’s push to digitalise payments and make cross-border transactions more efficient. For Filipinos in the UAE, especially our overseas Filipino workers, this means better remittance channels and more efficient financial services for their families back home.”
CBUAE governor Khaled Mohamed Balama said: “This agreement marks a significant step toward building a more connected and innovative financial ecosystem between the UAE and the Philippines.
“By leveraging advanced payment technologies and sharing expertise, we are laying the foundation for a new era of seamless integration and sustainable, innovation-led economic growth.”
Earlier this year, CBUAE began a pilot of a biometric payment solution based on facial and palm recognition. The technology is designed to enable payments without using a physical card or a mobile device at checkout.
