Central banks of the Philippines and the United Arab Emirates (UAE) signed a memorandum of understanding (MoU) to strengthen Philippines-UAE financial ties.
Integration of Instant Payment Platforms
The partnership aims to integrate instant payment platforms and improve cross-border payments between the two countries.
Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. led the virtual signing of the MoU with Central Bank of the United Arab Emirates (CBUAE) Governor Khaled Mohamed Balama.
Partnership Over Shared Goals
“This occasion reflects our shared goals in Islamic banking and finance, and in modernizing cross-border payment and messaging systems,” Mr. Remolona said in a speech at the ceremony. “This partnership supports the BSP’s push to digitalize payments and make cross-border transactions more efficient.”
The collaboration is also expected to make financial services more accessible and convenient for Filipinos and Overseas Filipino Workers (OFWs) residing in the UAE, offering better remittance channels.
