The future of money will not be defined by the public or private sector alone, but by the partnership between the two. While fintechs excel at creating user-centric designs that lower barriers to adoption , they need the trusted and stable foundation that public infrastructure like central bank digital currencies (CBDCs) provides.
Here, Faisal Toukan, CEO & Co-Founder of Ziina, explains why the future of money depends on a partnership between private innovation and public infrastructure.
Fintechs thrive by putting the user first. At Ziina, we have merged finance with art and user experience, earning global design recognition, including the Red Dot Award, for an interface built around speed and simplicity. This approach turns a mundane task like splitting a bill or paying for dinner into an intuitive and seamless process.
This is not just about aesthetics. A user-friendly interface, quick setup, and complete transparency reduce the friction that prevents many from embracing digital payments. Today, tens of thousands of SMEs and consumers across the UAE rely on Ziina for hassle-free money movement. As the first venture capital-backed fintech with a Stored Value Facilities (SVF) licence from the UAE Central Bank, we combine this design-led innovation with robust regulatory standards.
The Foundation of Trust and Stability
Innovation alone is not enough. For digital finance to reach its full potential, it needs a secure and efficient backbone, which is the role of the UAE’s Digital Dirham. The Digital Dirham is a central bank digital currency (CBDC)—a digital version of the country’s official money, issued and guaranteed by the central bank. Unlike decentralised and volatile cryptocurrencies, a CBDC has the same value and legal standing as physical cash.
Globally, central banks are exploring similar models, with China piloting its e-CNY and the European Central Bank progressing on a digital euro. Against this backdrop, the UAE stands out for the speed and clarity with which it is moving. By embedding security and compliance directly into the financial system, the Digital Dirham creates the rails for fintechs to build upon and scale innovation responsibly.
Where Trust Meets Usability
One without the other falls short. CBDCs offer stability but do not solve for usability or adoption on their own. Fintechs can build sleek experiences, but without trusted infrastructure, they risk fragility. Together, they close the loop: CBDCs deliver the foundation, and fintechs translate that foundation into everyday value for consumers and businesses. In practice, this means instant settlement for SMEs, real-time wages for gig workers, or cross-border payments that clear in seconds instead of days.