The UAE set to introduce E-Cheques and E-Guarantees that will change the payment eco-system, experts say at an ICAI Dubai Conference
These new initiatives will put the UAE in the lead in global financial architecture and reinforce the country’s position in innovation and financial technology
Date: Dubai, UAE; October 09, 2026
The UAE Central Bank is currently executing 35 financial projects that, once implemented, will change the way consumers use money, according to officials and experts who spoke at a conference titled: The Future of Money, organised by the Dubai Chapter of the Institute of Chartered Accountants of India (ICAI).
“The real meaning of money has changed a lot in the last three decades – from bank notes to ‘plastic money’ or credit and debit cards and we have now entered into an environment of cashless transactions,” CA Rishi Chawla, Chairman of the Dubai Chapter of the ICAI, said in his opening remarks at the conference.
“In the coming years, digital currencies are going to change the way we see and use money. In fact the meaning of money is also changing as we embrace the Fourth Industrial Revolution where everything is going to become digital and virtual – including money. This is why, we need to examine the changing financial landscape and adjust our way of dealing with money.”
The UAE has already implemented 104 financial projects under the Phase I of its Financial Infrastructure Transformation (FIT) Programme in recent years to adapt to the changing global financial eco-system since the COVID-19 pandemic, including the launch of the UAE Switch – the domestic payment gateway.
The FIT Programme aims to support financial services sector, promote digital transactions, and enable the UAE’s competitiveness to become the financial and digital payment hub and a centre of excellence for innovation and digital transformation through encouraging innovation and collaboration as well as competition in the financial sector.
Jamal Al Saleh, Secretary-General of the UAE Banking Federation (UBF), says, “As per the UAE Government’s Vision, all public services will be available on smartphones. The banks in the UAE are also aligning and evolving in line with the government’s vision by embracing technology and integrating the latest fintech solutions into their payment systems to offer maximum flexibility to their customers.
“The UAE Central Bank is now getting ready to roll out the Phase II of the FIT Programme that will bring the digital currency into the UAE payment gateway – that will change the way consumers make payment for their purchases.
“The UAE Central Bank, the UBF and the banks are currently working on to introduce E-guarantees and E-Cheques – that will change the entire payment eco-system as businesses are now registering for E-Invoicing as well.”
An e-cheque (electronic check) is a digital version of a paper check that moves funds directly between bank accounts using electronic networks like the Automated Clearing House (ACH) system. According to Nacha (the governing body for the US ACH network), the entire network handled 35.2 billion transactions valued at US$93 trillion in 2025.
He said, the way Artificial Intelligence (AI) is growing, the country needs to regulate the AI sector and the auditing and financial community needs to cope up with AI as well.
The conference, attended by more than 500 members of ICAI, featured keynote addresses by eminent speakers who appraised the audience on the speed in which AI is changing the economic environment.
Abdallah Abu-Sheikh, Founder & CEO Mal, UAE, said, “We are witnessing a tectonic shift in work driven by AI. People no longer need to know how to design, compute or calculate. There are AI tools to do that.
“Today, your bank account will tell you when to apply for a loan and how much loan your business might need to seek to manage growth. Most accounting firms will become a trading platform – to raise bills as accounting will be managed by AI tools. Your bank account will self-audit itself. So, we are entering a completely new world of automation driven by AI.”
With more than 3,200 members, ICAI Dubai Chapter is the largest business group in the UAE. Established in 1982, it is also the largest, most active and award-winning chapter among the 44 overseas chapters of ICAI. It has registered a phenomenal growth in membership has exceeded 3,200 members who represent more than 1,550 multinationals and other companies.
In order to fully automise payment and auditing, businesses will rely on regulated digital escrow eco-system for transparency and accountability in business transactions.
Parvez Akram Siddiqui, Co-Founder of TrustIn, said: “TrustIn is a first-of-its-kind fully digital, regulated escrow-as-a-service platform, making secure transaction infrastructure accessible to the mass market across services, marketplaces, supply chains, M&A and other commercial use cases.”
ICAI is the largest professional body of Chartered Accountants across the world with over 1,000,000+ students and around 450,000+ members. ICAI has a wide network with five Regional Councils, 176 Branches, 54 Overseas Chapters, and 31 representative offices across the globe. And among 54 overseas chapters, ICAI Dubai Chapter is the largest and most vibrant chapter of ICAI. Of the 8,000 Indian Chartered Accountants active in the UAE‘s private sector, 1,400+ are currently leading businesses in senior positions.
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Editor’s Notes
About The Institute of Chartered Accountants of India (ICAI)
The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its 77 years of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. ICAI now is the largest accounting body in the whole world.
ICAI Dubai Chapter
The Institute of Chartered Accountants of India (ICAI), Dubai Chapter, is the largest accounting professionals’ group comprising of some of the most powerful players in the UAE’s public and private sectors. Established in 1982, it is the largest, most active and award-winning chapter among the 54 overseas chapters of ICAI. It has registered a phenomenal growth in membership in recent years and currently has nearly 3,200 members. Members represent more than 1,550 multinationals and other companies.
Its vision is to contribute to the development of its members as global professionals through facilitating continuous learning and recognition in the wider community. Its mission is to develop professionals with world class competencies.
Web: https://icaidubai.org/