Riyadh – Mubasher: The Saudi Central Bank (SAMA) said the digital currency project Aber has succeeded to achieve its main objectives that mainly include understanding, experiencing, and analysing the maturity of the distributed ledger technology (DLT).

Aber, an initiative in cooperation with the Central Bank of the United Arab Emirates, also managed to explore cross-border payment solutions through aforementioned technology, SAMA said in a statement on Wednesday.

The project aims to explore the viability of a single dual-issued digital currency between Saudi Arabia and the UAE through Blockchain and DLT.

SAMA has claimed the Global Impact Award 2021 for Aber. The award was granted by the Central Banking Committee as part of its Central Banking FinTech and RegTech Global Awards, appreciating “outstanding financial supervisory organisations that demonstrate a profound ability to innovate and develop within the global central banking community,” the Saudi authority said.