The Outpost is a comprehensive collection of curated artificial intelligence software tools that cater to the needs of small business owners, bloggers, artists, musicians, entrepreneurs, marketers, writers, and researchers.
© 2025 TheOutpost.AI All rights reserved
Curated by THEOUTPOST
On Thu, 8 Aug, 4:03 PM UTC
3 Sources
[1]
ICAEW and UAE Banks Federation partner to guide firms in digital currency adoption
The Institute of Chartered Accountants in England and Wales (ICAEW) has partnered with the UAE Banks Federation (UBF) to help firms navigate the rapidly evolving digital assets landscape projected to reach $80.08 billion by 2024. This initiative coincides with the UAE's advanced pilot of Central Bank Digital Currencies (CBDCs), positioning the nation at the forefront of financial innovation. CBDCs are digital forms of a country's sovereign currency, issued and regulated by the central bank. They are designed to work alongside traditional physical currencies, offering a secure and efficient method of digital transactions. The UAE is one of only 36 countries in the world currently piloting their use. Panel of experts During a recent joint virtual event, ICAEW and UBF convened a panel of experts to explore the dynamic landscape of the UAE's digital currencies. The discussion aimed to equip industry professionals with essential knowledge and best practices to navigate this evolving ecosystem. Panelists included: *Jamal Saleh, Director General, UAE Banks Federation (UBF) *Asim Rasheed, Group Financial Controller, ENBD *Gautam Dutta, Global Head of Cash Product Management and Innovation, FAB *Ian Pettigrew, Director - Treasury Solutions Group, Global Payments Solutions, HSBC Bank Middle East *Reuben Wales, Head of Financial Services, ICAEW The panel emphasised the inevitability of complete financial digitisation, with the UAE already leading in AI adoption. They highlighted the revolutionary potential of CBDCs in transforming banking operations, offering stability and security backed by central banks. Digital alternative Unlike volatile cryptocurrencies, CBDCs provide a trustworthy digital alternative to fiat currency, promoting financial inclusion and enhancing traceability to combat financial crime. However, the experts also addressed the challenges accompanying this digital shift. As digitisation and AI adoption increase, so does the risk of cybercrime, necessitating robust security measures. Malicious actors are constantly innovating new ways to exploit vulnerabilities and steal sensitive financial data. The panel urged organisations to continuously improve their cybersecurity measures to protect against these growing threats. Another key focus was the absence of a standardised accounting framework for digital assets, which can lead to inconsistencies in reporting, impacting investor confidence and potentially complicating regulatory compliance. Panelists encouraged organisations to proactively develop robust accounting practices and called for industry-wide collaboration to establish clear, consistent frameworks. They emphasised the importance of seamless cooperation between IT, audit, and finance functions within organisations to effectively manage digital assets and ensure secure, compliant integration, as well as the need to strengthen capabilities and expertise among teams. The discussion also highlighted the UAE's significant global position, accounting for 5-10% of global digital asset trading volume. This underscores the nation's growing importance in the global digital finance landscape and its potential to shape future developments in this sector. A global standard Hanadi Khalife, Head of Middle East at ICAEW, said: "The UAE is setting a global standard with its proactive adoption of CBDCs. Our partnership with the UAE Banks Federation is testament to our commitment to guiding this transformation. Accountants play a crucial role in ensuring organisational compliance and success in this new digital era." Jamal Saleh, Director General of UAE Banks Federation, said: "The UAE's progressive approach to CBDCs and AI places it at the forefront of financial innovation. Embracing digital assets presents vast opportunities, but it also requires robust cybersecurity measures and interdepartmental collaboration. Through joint efforts, such as our work with ICAEW, and constant upskilling, companies can achieve secure and compliant integration of digital assets." Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
[2]
UAE Banks Federation, ICAEW to guide firms in digital currency adoption
DUBAI - The Institute of Chartered Accountants in England and Wales (ICAEW) recently partnered with the UAE Banks Federation (UBF) to help companies navigate the rapidly evolving digital assets landscape. This initiative coincides with the UAE's advanced pilot of Central Bank Digital Currencies (CBDCs), positioning the nation at the forefront of financial innovation. CBDCs are digital forms of a country's sovereign currency, issued and regulated by the central bank. They are designed to work alongside traditional physical currencies, offering a secure and efficient method of digital transactions. The UAE is one of only 36 countries in the world currently piloting their use. Jamal Saleh, Director-General of UAE Banks Federation, said, "The UAE's progressive approach to CBDCs and AI places it at the forefront of financial innovation. "Embracing digital assets presents vast opportunities, but it also requires robust cybersecurity measures and interdepartmental collaboration. Through joint efforts, such as our work with ICAEW, and constant upskilling, companies can achieve secure and compliant integration of digital assets." Hanadi Khalife, Head of Middle East at ICAEW, said, "The UAE is setting a global standard with its proactive adoption of CBDCs. Our partnership with the UAE Banks Federation is testament to our commitment to guiding this transformation. Accountants play a crucial role in ensuring organisational compliance and success in this new digital era."
[3]
ICAEW and UAE Banks Federation join forces to guide firms in digital currency adoption
Dubai, United Arab Emirates: The Institute of Chartered Accountants in England and Wales (ICAEW) recently partnered with the UAE Banks Federation (UBF) to help companies navigate the rapidly evolving digital assets landscape, a market projected to reach $80,080 million by 2024[1]. This initiative coincides with the UAE's advanced pilot of Central Bank Digital Currencies (CBDCs), positioning the nation at the forefront of financial innovation. CBDCs are digital forms of a country's sovereign currency, issued and regulated by the central bank. They are designed to work alongside traditional physical currencies, offering a secure and efficient method of digital transactions. The UAE is one of only 36 countries in the world currently piloting their use[2]. During a recent joint virtual event, ICAEW and UBF convened a panel of experts to explore the dynamic landscape of the UAE's digital currencies. The discussion aimed to equip industry professionals with essential knowledge and best practices to navigate this evolving ecosystem. Panellists included: Jamal Saleh, Director General, UAE Banks Federation (UBF) Asim Rasheed, Group Financial Controller, ENBD Gautam Dutta, Global Head of Cash Product Management and Innovation, FAB Ian Pettigrew, Director - Treasury Solutions Group, Global Payments Solutions, HSBC Bank Middle East Reuben Wales, Head of Financial Services, ICAEW The panel emphasised the inevitability of complete financial digitisation, with the UAE already leading in AI adoption. They highlighted the revolutionary potential of CBDCs in transforming banking operations, offering stability and security backed by central banks. Unlike volatile cryptocurrencies, CBDCs provide a trustworthy digital alternative to fiat currency, promoting financial inclusion and enhancing traceability to combat financial crime. However, the experts also addressed the challenges accompanying this digital shift. As digitisation and AI adoption increase, so does the risk of cybercrime, necessitating robust security measures. Malicious actors are constantly innovating new ways to exploit vulnerabilities and steal sensitive financial data. The panel urged organisations to continuously improve their cybersecurity measures to protect against these growing threats. Another key focus was the absence of a standardised accounting framework for digital assets, which can lead to inconsistencies in reporting, impacting investor confidence and potentially complicating regulatory compliance. Panellists encouraged organisations to proactively develop robust accounting practices and called for industry-wide collaboration to establish clear, consistent frameworks. They emphasised the importance of seamless cooperation between IT, audit, and finance functions within organisations to effectively manage digital assets and ensure secure, compliant integration, as well as the need to strengthen capabilities and expertise among teams. The discussion also highlighted the UAE's significant global position, accounting for 5-10% of global digital asset trading volume. This underscores the nation's growing importance in the global digital finance landscape and its potential to shape future developments in this sector. Hanadi Khalife, Head of Middle East at ICAEW, said: "The UAE is setting a global standard with its proactive adoption of CBDCs. Our partnership with the UAE Banks Federation is testament to our commitment to guiding this transformation. Accountants play a crucial role in ensuring organisational compliance and success in this new digital era." Jamal Saleh, Director General of UAE Banks Federation, said: "The UAE's progressive approach to CBDCs and AI places it at the forefront of financial innovation. Embracing digital assets presents vast opportunities, but it also requires robust cybersecurity measures and interdepartmental collaboration. Through joint efforts, such as our work with ICAEW, and constant upskilling, companies can achieve secure and compliant integration of digital assets." -Ends- Media enquiries: Tarik Raouf, Mojo PR, at email Tarik@mojo-me.com About ICAEW Chartered accountants are talented, ethical and committed professionals. ICAEW represents more than 202,000 members and students around the world. Founded in 1880, ICAEW has a long history of serving the public interest, and we continue to work with governments, regulators and business leaders globally. And as a world-leading improvement regulator, we supervise and monitor over 12,000 firms, holding them and all ICAEW members and students to the highest standards of professional competency and conduct. We promote inclusivity, diversity and fairness and we give talented professionals the skills and values they need to build resilient businesses, economies and societies, while ensuring our planet's resources are managed sustainably. ICAEW is the first major professional body to be carbon neutral, demonstrating our commitment to tackle climate change and supporting UN Sustainable Development Goal 13. ICAEW is a founding member of Chartered Accountants Worldwide (CAW), a global family that connects over 1.8m chartered accountants and students in more than 190 countries. Together, we support, develop and promote the role of chartered accountants as trusted business leaders, difference makers and advisers. We believe that chartered accountancy can be a force for positive change. By sharing our insight, expertise and understanding we can help to create sustainable economies and a better future for all. [1] https://www.statista.com/outlook/dmo/fintech/digital-assets/worldwide [2]https://www.atlanticcouncil.org/cbdctracker/#:~:text=19%20of%20the%20Group%20of,the%20Bahamas%2C%20Jamaica%20and%20Nigeria
Share
Share
Copy Link
The Institute of Chartered Accountants in England and Wales (ICAEW) and the UAE Banks Federation (UBF) have joined forces to provide guidance on digital currency adoption for businesses in the UAE. This collaboration aims to support the country's digital economy initiatives and prepare firms for the future of finance.
The Institute of Chartered Accountants in England and Wales (ICAEW) and the UAE Banks Federation (UBF) have announced a strategic partnership to guide businesses in the United Arab Emirates on digital currency adoption 1. This collaboration comes as part of the UAE's broader initiatives to embrace digital transformation and position itself as a leader in the global digital economy.
The primary goal of this partnership is to provide comprehensive guidance to firms operating in the UAE on how to effectively adopt and integrate digital currencies into their operations 2. By combining the expertise of ICAEW in accounting and finance with UBF's deep understanding of the UAE banking sector, the initiative aims to create a robust framework for businesses to navigate the complexities of digital currency adoption.
The guidance will cover several crucial aspects of digital currency implementation:
These areas have been identified as critical for businesses to address when considering the integration of digital currencies into their operations 3.
This partnership is expected to play a significant role in advancing the UAE's digital economy agenda. By providing clear and practical guidance, ICAEW and UBF aim to:
Michael Armstrong, FCA and ICAEW Regional Director for the Middle East, Africa and South Asia, emphasized the importance of this initiative, stating, "As digital currencies continue to gain traction globally, it is crucial for businesses in the UAE to be well-prepared for their adoption and integration" 1.
Jamal Saleh, Director General of UAE Banks Federation, added, "This partnership with ICAEW aligns perfectly with our mission to support the UAE's vision for a digital economy and to ensure that our member banks are at the forefront of financial innovation" 2.
As the partnership between ICAEW and UBF unfolds, it is expected to yield valuable resources and insights for businesses across various sectors in the UAE. The initiative is poised to contribute significantly to the country's digital transformation journey and reinforce its position as a global financial hub embracing cutting-edge technologies.
Sheikh Tahnoon Bin Zayed Al Nahyan's visit to the US sparks high-level discussions on cryptocurrency, AI, and tech investments, signaling stronger UAE-US technological cooperation.
2 Sources
2 Sources
Digital Dubai has approved a set of measures to implement a strategic vision for an AI-powered data center economy in Dubai. The initiative aims to position Dubai as a global hub for data centers and artificial intelligence.
2 Sources
2 Sources
Saudi Arabia is rapidly emerging as a fintech powerhouse in the Middle East. With ambitious goals set for 2024 and beyond, the kingdom is fostering innovation, attracting investments, and creating a robust ecosystem for financial technology.
4 Sources
4 Sources
Dubai Multi Commodities Centre (DMCC) has launched a new AI Centre to foster innovation, develop real-world AI applications, and attract global investors. The initiative aims to position Dubai as a leading hub for AI technology and solutions.
3 Sources
3 Sources
A new report by WeBank and Oliver Wyman highlights the development and innovation trends of digital banks worldwide, focusing on their growth, profitability, and future prospects.
3 Sources
3 Sources
