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Saudi Central BankSaudi Central BankNewsThe Saudi Central Bank receives the Global Impact Award for its outstanding efforts in the financial technologies
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The Saudi Central Bank receives the Global Impact Award for its outstanding efforts in the financial technologies
6/16/2021 11:00 AM

                The Saudi Central Bank has received the Global Impact Award 2021, which was granted by the Central Banking Committee as part of its Central Banking FinTech & RegTech Global Awards. This award is given to outstanding financial supervisory organizations that demonstrate a profound ability to innovate and develop within the global central banking community.

                The Saudi Central Bank has claimed the award for its digital currency project 'Aber', a proactive initiative launched in cooperation with the Central Bank of the United Arab Emirates. 'Aber' project aims to explore the viability of a single dual-issued digital currency between both nations through Blockchain and distributed ledger technology (DLT). This single digital currency was designed to be used within the scope of the project as an instrument of domestic and cross-border settlement between the two nations.

                In this regard, the Saudi Central Bank clarified that 'Aber' project has succeeded to achieve its main objectives, the most important of which is to understand, experience and analyze the maturity of the DLT, as well as to explore cross-border payment solutions by using the aforementioned technology.

The project has highlighted the most important learned lessons that would contribute an added value to central banks interested in such technology. It has also identified several areas that could be further expanded and considered in the future, given that this project has made a fundamental impact by building a body of knowledge related to studying the methods that can be adopted to apply the newly emerged DLT in the field of domestic and cross-border payments.

                The judging panel has praised the sophistication of 'Aber' project and the level of cooperation between the Saudi Central Bank and the Central Bank of the UAE. The panel has also noted that 'Aber' is not just a technical effort, but rather an innovative project for the global financial sector and central banks around the world.

                It is worth noting that the Central Banking Committee is a recognized body that provides news coverage of central banking business in more than 140 countries. It includes specialists of former consultants and central bankers in its membership in addition to Nobel Prize-winning economists, to highlight and evaluate the distinguished initiatives and works of central banks that focus on the application of international best practices. The Central Banking Committee has granted the Global Impact Award to a number of the world's leading central banks and supervisory organizations, such as the Bank of Lithuania (2020), the Hong Kong Monetary Authority (2019) and the Monetary Authority of Singapore (2018).

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