The Central Bank of the United Arab Emirates (CBUAE) and Presight, a leading AI and big data analytics company, have launched a groundbreaking joint venture aimed at supporting the Financial Infrastructure Transformation program (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 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 that, “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 Program 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,” he concluded.
Pramotedham stated 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.
