UAE's Central Bank and Presight form an AI-driven financial powerhouse, geared towards enhancing financial strength and resilience.
A new strategic partnership between the Central Bank of the United Arab Emirates (CBUAE) and Presight, an AI and big data analytics company, has been established to revolutionize the UAE's financial market infrastructure[1][2][3][4].
The joint venture, which will operate exclusively on AI-driven financial solutions, is expected to create a sovereign finance technology powerhouse in the UAE, playing a central role in the development, maintenance, and technical support of various financial market infrastructures[1][2][3][4].
The infrastructures 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)[1][2][3][4].
His Excellency Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at CBUAE, and Mr. Thomas Pramotedham, Chief Executive Officer of Presight, signed the agreement in a ceremony attended by several high-ranking officials, including His Excellency Khaled Mohamed Balama, Governor of the CBUAE[1][2][3][4].
The joint venture aims to ensure the resilience, security, efficiency, and future-readiness of the UAE's financial market infrastructure[1][2][3][4]. By embedding AI at the core of the nation’s financial infrastructure, it supports the CBUAE’s goal of transforming the UAE into one of the world’s leading financial ecosystems and moving toward a cashless society[4].
The partnership will also facilitate the implementation of next-generation digital financial services and platforms, such as Financial Cloud and electronic Know Your Customer (eKYC) systems, enabling more efficient and secure financial transactions and services[4].
The joint venture is expected to contribute significantly to the UAE’s financial sector by providing advanced technological solutions, redefining how financial markets operate in the UAE, making them faster, more intelligent, and more secure[1][2][3][4].
This strategic partnership marks a major milestone in the UAE's journey to strengthen resilience and harness artificial intelligence across its financial ecosystem[1][2][3]. The joint venture is positioned to play a significant role in enhancing the UAE's position as a global financial hub, accelerating the transformation of the UAE's financial sector.
[1] Central Bank of the United Arab Emirates. (n.d.). Press Release: CBUAE and Presight Announce Strategic Partnership to Accelerate Innovation in the UAE’s Financial Infrastructure. Retrieved from https://www.cbuae.gov.ae/en/media/press-releases/cbuae-and-presight-announce-strategic-partnership-to-accelerate-innovation-in-the-uaes-financial-infrastructure
[2] Presight. (n.d.). Press Release: CBUAE and Presight Announce Strategic Partnership to Accelerate Innovation in the UAE’s Financial Infrastructure. Retrieved from https://www.presight.ai/cbuae-and-presight-announce-strategic-partnership-to-accelerate-innovation-in-the-uaes-financial-infrastructure/
[3] Zawya. (2022, August 1). CBUAE and Presight Announce Strategic Partnership to Accelerate Innovation in the UAE’s Financial Infrastructure. Retrieved from https://www.zawya.com/mena/en/press-releases/companies-news/cbuae-and-presight-announce-strategic-partnership-to-accelerate-innovation-in-the-uaes-financial-infrastructure-n-AJJYB0
[4] Gulf News. (2022, August 1). CBUAE, Presight sign strategic partnership to accelerate innovation in the UAE's financial infrastructure. Retrieved from https://gulfnews.com/business/banking/cbuae-presight-sign-strategic-partnership-to-accelerate-innovation-in-the-uaes-financial-infrastructure-1.1660149202025
- The strategic partnership between the Central Bank of the United Arab Emirates (CBUAE) and Presight aims to create a sovereign finance technology powerhouse by utilizing AI, revolutionizing the UAE's financial market infrastructure.
- The joint venture establishes advanced technological solutions for various 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).
- By embedding AI at the core of the nation's financial infrastructure, the joint venture supports the CBUAE's goal of transforming the UAE into a world-leading financial ecosystem and moving towards a cashless society, enhancing the UAE's position as a global financial hub.
