Today's Edition
ABU DHABI (WAM)
The Central Bank of the United Arab Emirates (CBUAE) and Presight, a leading AI and big data analytics company, have announced the launch of a groundbreaking joint venture aimed at supporting the Financial Infrastructure Transformation programme (FIT) launched by the CBUAE.
This strategic partnership marks a major milestone in the UAE’s journey to strengthen resilience, and harness artificial intelligence across every facet of its financial ecosystem.
The signing ceremony for the joint venture was witnessed by Khaled Mohamed Balama, Governor of the CBUAE; Mansoor Ibrahim Al Mansoori, Member of the Abu Dhabi Executive Council, Chairman of the Department of Health - Abu Dhabi and Vice Chairman of Presight, and Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE.
The agreement was signed by Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at CBUAE and Thomas Pramotedham, Chief Executive Officer of Presight.
The new joint venture will deliver sovereign, AI-powered technological platforms and services to support and enhance the UAE’s financial market infrastructure.
It will play a central role in the development, maintenance, and technical support of various critical financial market infrastructures, including 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).
Commenting on the agreement, Ebrahim Al Zaabi said, “This collaboration marks a strategic step toward ensuring the UAE’s financial market infrastructure remains resilient, secure, efficient and future-ready, while also supporting the accelerated transformation of the financial sector.
"By leveraging the leading role of the CBUAE’s Financial Infrastructure Transformation Programme and the technological expertise of Presight, this venture will strengthen the financial ecosystem of the UAE and the national economic stability, thereby enhancing the country’s position as a global financial hub."
Pramotedham said that this joint venture represents a decisive leap forward in applying advanced AI to the heart of the UAE’s financial infrastructure. It is purpose-built to accelerate innovation, enhance resilience, and ensure the seamless evolution of critical financial systems.
