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Morocco and UAE sign agreements to link payment systems
Bank Al-Maghrib and the Central Bank of the United Arab Emirates have signed two memorandums of understanding in Abu Dhabi to strengthen financial and banking cooperation between Morocco and the UAE.
The first agreement focuses on regulatory and supervisory cooperation. This includes exchanging information regarding financial institutions, sharing supervisory expertise, and enhancing institutional capacity. It also aims to coordinate Sharia governance to develop cross-border Islamic finance, particularly in trade finance and infrastructure investment.
The second agreement targets the development of payment infrastructure. The central banks will explore interconnecting instant payment platforms, national card switching systems, and financial messaging systems. This could facilitate faster cross-border settlements and allow for the mutual acceptance of local payment cards. Additionally, both institutions plan to collaborate on central bank digital currencies (CBDCs) for retail and institutional use, as well as fintech regulation and the oversight of virtual assets, including stablecoins and crypto-assets.
Entities
Abdellatif Jouahri · Abu Dhabi · Bank Al-Maghrib · Central Bank of the United Arab Emirates · Khaled Mohamed Balama · Morocco
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] The agreements include enhancing coordination in Sharia governance for Islamic finance and developing cross-border Sharia-compliant financing. aljarida24.ma · www.mcg24.com · www.lereporter.ma
- [● 3 SOURCES] The second memorandum explores interconnecting instant payment platforms, national card switching systems, and financial messaging systems. aljarida24.ma · www.mcg24.com · www.lereporter.ma
- [● 3 SOURCES] Bank Al-Maghrib and the Central Bank of the UAE signed two memorandums of understanding in Abu Dhabi. aljarida24.ma · www.mcg24.com · www.lereporter.ma
- [● 3 SOURCES] The first memorandum focuses on strengthening cooperation in regulatory and supervisory areas, including the exchange of information regarding financial institutions. aljarida24.ma · www.mcg24.com · www.lereporter.ma
- [● 3 SOURCES] The central banks will exchange expertise regarding the development and use of central bank digital currencies (CBDCs). aljarida24.ma · www.mcg24.com · www.lereporter.ma
- [● 3 SOURCES] The partnership aims to allow the mutual acceptance of local payment cards between Morocco and the UAE. aljarida24.ma · www.mcg24.com · www.lereporter.ma
- [● 2 SOURCES] The cooperation extends to fintech, regulatory frameworks for virtual assets, including crypto-assets and stablecoins. aljarida24.ma · www.mcg24.com