The Institute of Chartered Accountants in England and Wales (ICAEW) has partnered with the United Arab Emirates (UAE) Banks Federation to assist companies perceive and adapt to the digital asset panorama. The partnership goals to help the UAE’s place as a world chief in digital finance. Nonetheless, challenges similar to the dearth of standardized accounting for digital belongings and the necessity for strong cybersecurity have been highlighted.
CBDCs May Doubtlessly Rework Banking
The Institute of Chartered Accountants in England and Wales (ICAEW) partnered with the United Arab Emirates (UAE) Banks Federation to assist corporations navigate the digital asset panorama. The collaboration comes because the UAE’s central financial institution digital foreign money (CBDC) reaches a complicated pilot part.
ICAEW Center East head Hanadi Khalife stated the partnership affirms the UAE’s management in CBDC adoption.
“The UAE is setting a world customary with its proactive adoption of CBDCs. Our partnership with the UAE Banks Federation is testomony to our dedication to guiding this transformation. Accountants play a vital function in guaranteeing organisational compliance and success on this new digital period,” Khalife said.
A digital occasion previous the ICAEW and UAE Banks Federation announcement reportedly highlighted the potential of CBDCs to rework banking operations and emphasised the inevitability of economic digitization.
UAE Banks Federation Director Normal Jamal Saleh, additionally a panellist, stated the UAE is making progress in CBDCs and synthetic intelligence (AI). Nonetheless, he warned that embracing digital belongings requires strong cybersecurity and interdepartmental collaboration. He added:
By way of joint efforts, similar to our work with ICAEW, and fixed upskilling, corporations can obtain safe and compliant integration of digital belongings.
In the meantime, panelists additionally mentioned the absence of a standardized accounting framework for digital belongings and its impression on investor confidence. They urged organizations to develop strong accounting practices and set up clear frameworks.
