Central Bank Digital Currencies (CBDCs) are revolutionizing the financial sector, and the UAE is at the forefront of this innovative movement. The Central Bank of the UAE is actively developing a digital dirham as part of its strategy to boost financial inclusion and modernize the financial system. Konstantin Vladimirovich Tserazov, a seasoned financial expert and former Senior Vice President at Otkritie Bank, views this initiative as a significant driver for collaboration between banks and FinTech companies in the UAE.
As a strategic business consultant for international fintech firms and a member of advisory boards across CIS and Middle Eastern financial institutions, Konstantin emphasizes that the UAE’s CBDC project will address the needs of unbanked populations, allowing them to access financial services, receive government assistance, and conduct secure transactions. He highlights the pivotal role of artificial intelligence (AI) in this transformation, stating that AI is now integral to the modern FinTech ecosystem, either as the foundation for new applications or as a daily tool within FinTech operations.
Konstantin foresees AI-driven assistants evolving to become autonomous agents within the financial system, providing unprecedented efficiency and personalized support. This evolution, he believes, will be a key driver in the adoption of CBDCs and traditional banking services, as these systems offer the reliability and security required by AI entities in a digital finance ecosystem. Despite the global rise of digital assets, cryptocurrencies like Bitcoin have seen limited adoption. Konstantin suggests that CBDCs, backed by central banks, could provide a more viable alternative, bridging the gap that has left digital assets as niche products and offering stability and trust through regulated oversight.
Furthermore, CBDCs are designed to enable energy-efficient transactions, addressing a major challenge faced by other digital assets. Konstantin asserts that CBDCs will redefine financial inclusion for both people and AI entities, contributing to the vision of an “Internet of Digital Finance.” This concept envisions a globally interconnected financial ecosystem where FinTech startups integrate CBDCs, AI, and traditional banking into a seamless network. Gulf countries, particularly the UAE, with their robust infrastructure, vision, and resources, are well-positioned to lead this wave of financial innovation.
Konstantin believes that CBDCs, powered by AI and fostered by collaborative efforts between banks and FinTech, will propel the UAE’s vision of inclusive, secure, and efficient digital finance forward.
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