MANILA, April 14 (Xinhua) -- The Central Bank of the United Arab Emirates and the Central Bank of the Philippines have signed a memorandum of understanding (MOU) to promote financial and economic collaboration and strengthen bilateral trade, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.
According to the BSP, the MOU focuses on making cross-border payments faster and easier by linking instant payment platforms, with plans to connect card switches and messaging systems in the future.
Both sides will also share expertise on central bank digital currencies, open finance, digital assets, and Islamic banking.
Additionally, it includes the exchange of expertise in developing central bank digital currency platforms for individuals and institutions. ■