CBUAE And Mercury Establish Joint Venture To Enhance UAE’s Financial Market Infrastructure

The Central Bank of the United Arab Emirates (CBUAE) and Mercury have unveiled a strategic collaboration named Unitey Business Services. This joint venture aims to bolster the Financial Infrastructure Transformation programme (FIT) initiated by CBUAE. The partnership seeks to elevate the UAE's national financial market infrastructure, ensuring it meets top standards in efficiency, resilience, and business continuity.

By merging CBUAE’s strategic goals with Mercury’s expertise in payment technology, this venture forms a strong public-private alliance. It highlights CBUAE's dedication to maintaining control over vital financial systems. The official launch took place at a signing ceremony attended by Khaled Mohamed Balama, Governor of CBUAE, Muzaffar Khokhar, Executive Chairman of Mercury, and Saif Humaid Al Dhaheri from CBUAE.

Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at CBUAE, signed the agreement alongside Muzaffer Hamid, CEO of Mercury. Ebrahim Obaid Al Zaabi remarked on the venture's significance: "This joint venture reflects our ambition to build a future-focused payments infrastructure that is both innovative and resilient, and promotes financial inclusion across the UAE."

Muzaffar Khokhar expressed his enthusiasm about the partnership: "We are honoured to partner with the Central Bank of the UAE in this strategic venture which plays a central role in advancing the vision of CBUAE’s FIT programme and highlights our mutual dedication to creating a secure, inclusive, and future-ready payments infrastructure for the nation."

The collaboration underscores a commitment to digital transformation within the UAE's financial ecosystem. By leveraging global best practices through this partnership with Mercury, CBUAE aims to drive innovation while ensuring robust financial inclusion across the country.

This initiative not only strengthens national sovereignty over critical financial systems but also aligns with global standards. The focus remains on creating an efficient and resilient infrastructure that supports various systems and platforms within the UAE’s financial sector.

With inputs from WAM