The Philippines and UAE move to connect instant payment systems

They also floated plans to connect card switches and messaging systems in the future.

Bangko Sentral ng Pilipinas (BSP) has inked a memorandum of understanding (MOU) with the Central Bank of the United Arab Emirates (CBUAE) to link the two countries’ respective instant payment platforms.

The two countries also agreed to connect card switches and messaging systems in the future, the BSP and CBUAE said in a joint statement.

Their goal is to make cross-border payments faster and easier between the Philippines and the UAE.

Both sides will also share expertise on central bank digital currencies (CBDC), open finance, digital assets, and Islamic banking.

Their agreement includes the exchange of expertise in developing CBDC platforms for individuals and institutions.