The central banks of the Central Bank of the United Arab Emirates and the Bangko Sentral ng Pilipinas have signed a Memorandum of Understanding (MoU) to strengthen financial cooperation and support stronger trade between the United Arab Emirates and the Philippines.
The agreement was signed during a virtual ceremony and focuses on making cross-border payments faster and easier by linking their instant payment systems. Both sides also plan to explore future connections between card payment networks and messaging systems used in financial transactions.
The partnership also includes sharing knowledge and expertise in key areas such as central bank digital currencies (CBDCs), open finance, digital assets, and Islamic banking. It also covers cooperation in developing CBDC platforms for both individuals and institutions.
Officials said the agreement aims to build a more connected and modern financial system. Khaled Mohamed Balama said the deal supports innovation and smoother financial integration between the two countries, while Eli M. Remolona, Jr. highlighted that it will improve digital payments and remittance services, especially for Filipino workers in the UAE sending money home.
