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."