Commercial Bank of Dubai completes CBDC transaction with Bank of China
Commercial Bank of Dubai (CBD) today announced the successful completion of a wholesale Digital Dirham (CBDC) transaction with Bank of China through the Central Bank of the UAE’s (CBUAE) Jisr platform, sending and receiving wholesale Digital Dirham between the two banks.
As per the announcement, the milestone reflects CBD’s participation in the CBUAE-led Digital Dirham program and supports the CBUAE’s financial innovation agenda.
The CBDC, Digital Dirham transaction was processed end to end and settled on Central Bank of UAE’s Jisr platform which is geared towards cross border digital dirham payments.
The milestone builds on CBD’s earlier participation in the CBUAE’s cross-border wholesale CBDC initiatives. Through Jisr, CBD has now completed bilateral wholesale Digital Dirham transfers.
Dr. Bernd van Linder, Chief Executive Officer, CBD, said, “Our participation in the Digital Dirham program reflects CBD’s long-term commitment to support the Central Bank of the UAE’s vision for a modern, secure and innovative financial ecosystem. By contributing our banking expertise, we aim to support the development of cross-border payment capabilities and the UAE’s continued growth as a global trade and financial hub.”
Vladislavs Mironovs, Chief Digital Officer, CBD, added that the participation of CBD is part of their contribution to the development of innovative payment capabilities. He explains, “Completing this transaction with Bank of China through the Jisr platform demonstrates our ability to execute cross-border Digital Dirham payments and supports our continued participation in the development of cross-border Digital Dirham use cases.”
Recently Commercial Bank of Dubai (CBD) also joined the Commercial Bank Money Token (CBMT) initiative, which aims to bring bank money or tokenized deposits onto DLT ( Distributed Ledger Technology) platforms. Commercial Bank of Dubai has become the first bank from outside Europe to join the CBMT network.
