The bridge would be the second for the UAE, whose banks successfully participated in the mBridge project last year with Hong Kong, China and Thailand.
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The Reserve Bank of India (RBI) and Central Bank of the United Arab Emirates (UAE) announced on March 15 that they had signed a memorandum of understanding on collaboration and innovation in financial services.
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The parties will particularly concentrate on central bank digital currency (CBDC) interoperability and will develop a proof-of-concept and pilot program for a CBDC bridge to facilitate remittances and trade. Such a bridge would reduce costs and increase efficiency of transactions, they noted, and strengthen economic ties.
Indian and UAE banking officials held talks
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