CBUAE And Presight Collaborate On Joint Venture To Transform Financial Infrastructure In The UAE

The Central Bank of the United Arab Emirates (CBUAE) and Presight, a prominent AI and big data analytics firm, have unveiled a new joint venture. This collaboration is designed to bolster the Financial Infrastructure Transformation programme (FIT) initiated by the CBUAE. The partnership signifies a significant step in enhancing the UAE's financial ecosystem through artificial intelligence.

The agreement was formalised in a ceremony attended by key figures, including Khaled Mohamed Balama, Governor of the CBUAE, and Mansoor Ibrahim Al Mansoori, Vice Chairman of Presight. Ebrahim Obaid Al Zaabi from CBUAE and Thomas Pramotedham from Presight signed the agreement. This venture aims to deliver AI-driven platforms to support the UAE’s financial market infrastructure.

The joint venture will focus on developing and maintaining essential financial infrastructures. These include the Central Bank Digital Currency (CBDC) infrastructure, Instant Payments Platform (Aani), Domestic Card Scheme (Jaywan), National Card Switch, Real-Time Gross Settlement (RTGS) system, and Open Finance (Nebras). These systems are crucial for ensuring efficient financial operations within the country.

Ebrahim Al Zaabi highlighted the importance of this collaboration. He stated that it is a strategic move to ensure that the UAE's financial market infrastructure remains robust, secure, and ready for future challenges. The partnership aims to accelerate the transformation of the financial sector while supporting national economic stability.

Thomas Pramotedham expressed that this initiative marks a significant advancement in integrating advanced AI into the core of UAE’s financial systems. He noted that it is designed to foster innovation, improve resilience, and facilitate seamless evolution in critical financial systems.

By combining CBUAE’s leadership in financial infrastructure with Presight’s technological expertise, this venture seeks to fortify the UAE’s position as a global financial hub. It underscores a commitment to leveraging technology for economic growth and stability.

This joint effort between CBUAE and Presight represents a pivotal moment in applying AI technologies within finance. It reflects an ongoing dedication to modernising and securing financial operations across various platforms essential for economic progress in the UAE.

With inputs from WAM