UAE and Saudi Arabia Central Financial Corporation announce Aber test report of CBDC project

According to the Cointelegraph, the bank between the UAE and Saudi Arabia today announced Aber's announcement for the CBDC project. The report notes that the Aber project will be divided into three phases, gradually expanding the pilot project to other companies. The report concludes that while the CBDC is technically not possible for cross-border payments, the CBDC represents a significant improvement in payments amid exchange rate models. The report describes the next steps in policy research and management, including the use of distributed business tools to improve the security of existing systems and expand capital for future Aber trials. In January 2019, the Saudi Arabian Financial Institutions (SAMA) and the Central Bank of the United Arab Emirates (UAECB) announced that they had joined forces to create Aber, a digital lending platform to support fields of cross-border payments from two countries.