The Central Bank of the United Arab Emirates (CBUAE) and Presight, an AI and big data analytics company, have announced the establishment of a joint venture to support the CBUAE’s Financial Infrastructure Transformation (FIT) Programme.
The initiative represents a key development in the UAE’s efforts to strengthen the resilience of its financial systems and integrate artificial intelligence across its financial ecosystem.
The joint venture will deliver sovereign, AI-based technology platforms and services designed to support and improve the UAE’s financial market infrastructure.
It will contribute to the development, upkeep, and technical support of key financial systems such as 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 platform (Nebras).
Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at CBUAE, stated,
“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.”
Thomas Pramotedham, CEO of Presight, commented,
“By focusing exclusively on AI driven financial solutions, we are creating a sovereign finance technology powerhouse that will redefine how financial markets operate, faster, with applied intelligence, and more securely than ever before.”
Featured image credit: CBUAE
