UAE set to introduce E-Cheques and E-Guarantees transforming payments

By the Editorial Team · Monday, October 12, 2026

The United Arab Emirates announced 35 new projects to enhance its payment systems, including the introduction of digital currency, electronic guarantees, and electronic cheques as part of the second phase of its Financial Infrastructure Transformation Programme. These initiatives aim to position the UAE as a digital payments leader and modernize its financial ecosystem through greater automation and integration of emerging technologies like artificial intelligence.

The United Arab Emirates is advancing its financial sector with the implementation of 35 new projects aimed at transforming payment systems, according to officials speaking at a recent conference organized by the Dubai Chapter of the Institute of Chartered Accountants of India (ICAI). These initiatives build on earlier efforts under the Financial Infrastructure Transformation (FIT) Programme, which has introduced more than 100 projects to modernize the country’s financial ecosystem.

The FIT Programme, launched in response to the evolving global financial landscape accelerated by the COVID-19 pandemic, seeks to position the UAE as a leading hub for digital payments and financial innovation. Phase I of the programme included developments such as the UAE Switch, a domestic payment gateway designed to enhance transaction efficiency.

Officials outlined plans for Phase II, which will incorporate digital currency into the country's payment infrastructure. The Central Bank of the UAE, in partnership with the UAE Banking Federation (UBF) and commercial banks, is working to introduce electronic guarantees (E-guarantees) and electronic cheques (E-cheques). These tools are expected to reshape the payment ecosystem by facilitating more seamless and secure transactions for both consumers and businesses, which are also increasingly adopting E-invoicing.

E-cheques function as digital equivalents of traditional paper checks, allowing direct fund transfers between bank accounts via electronic networks such as the Automated Clearing House (ACH) system. Industry data cited at the event highlighted that the ACH network in the United States processed 35.2 billion transactions valued at $93 trillion in 2025, illustrating the scale of digital payment adoption globally.

Speakers at the conference also addressed the rapid integration of artificial intelligence (AI) into financial services and the broader economy. Experts emphasized the need for regulatory frameworks to oversee AI deployment, especially in auditing and financial reporting. With AI increasingly automating complex tasks, financial institutions anticipate significant shifts in how accounting and loan management operate, including AI-driven self-auditing and automated financial decision-making.

Parvez Akram Siddiqui, Co-Founder of TrustIn, introduced a new digital, regulated escrow service platform designed to enhance transparency and security across various commercial transactions. He described current technological advancements as a "tectonic shift" that reduces reliance on manual calculations and design, shifting financial services towards greater automation.

The conference gathered over 500 members of ICAI, underscoring a broad professional interest in adapting to emerging technologies and fostering innovation within the UAE’s finance sector. These developments signal the country’s commitment to embracing digital transformation as a core component of its economic growth strategy.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.