UAE central bank, Presight form AI fintech joint venture
New partnership targets digital currency and payments infrastructure
#UAE #fintech - UAE monetary authority CBUAE (Central Bank of the United Arab Emirates) has launched a joint venture with Abu Dhabi big data analytics and artificial intelligence company Presight to deliver sovereign AI platforms supporting the nation's Financial Infrastructure Transformation programme. The new venture will develop and maintain critical financial market infrastructures including Central Bank Digital Currency systems, the Instant Payments Platform Aani, Domestic Card Scheme Jaywan, and Open Finance platform Nebras to strengthen the UAE's position as a global financial hub.
SO WHAT? - This joint venture will deploy AI at the heart of the UAE’s national financial infrastructure, aligning with CBUAE's ambitious Financial Infrastructure Transformation Programme. Launched in 2023, the programme has nine core initiatives aimed at positioning the UAE among the world's top financial ecosystems. New joint venture enables implementation of critical first-stage digital payment infrastructures including domestic card schemes and instant payments platforms, whilst preparing for advanced second-stage systems such as Financial Cloud and eKYC platforms that will drive the UAE's transformation into a cashless society.
Here are some key points about the new venture:
CBUAE (Central Bank of the United Arab Emirates) has announced a joint venture with ADX-listed G42 company Presight (ADX: PRESIGHT) to deliver sovereign AI platforms in support of the nation's Financial Infrastructure Transformation programme.
The partnership agreement was signed by CBUAE Assistant Governor Ebrahim Obaid Al Zaabi and Presight Chief Executive Thomas Pramotedham, in an Abu Dhabi ceremony witnessed by CBUAE Governor Khaled Mohamed Balama and Abu Dhabi Executive Council member Mansoor Ibrahim Al Mansoori
The fintech joint venture will support six critical financial infrastructure areas including Central Bank Digital Currency (CBDC), the instant payments platform Aani, and the domestic card scheme Jaywan.
The new venture will become a central component of CBUAE's Financial Infrastructure Transformation programme, which aims to modernising the UAE's banking ecosystem. The initiative supports UAE ambitions to use AI to strengthen financial sector resilience, security, and efficiency.
The joint venture will provide development, maintenance, and technical support services for Real-Time Gross Settlement systems, National Card Switch, and Open Finance platform Nebras.
Abu Dhabi-based Presight operates across multiple sectors providing AI-driven solutions for government and private sector clients globally.
ZOOM OUT - The UAE is at an advanced stage in developing a CBDC (Central Bank Digital Currency) platform and the UAE Central Bank is expected to launch the Digital Dirham by the end of 2025. The new CBDC builds on successful pilot programmes including Project Aber with the Saudi Central Bank in 2020 and the mBridge cross-border initiative with Hong Kong, Thailand, and China in 2022. CBUAE's current CBDC strategy involves a 12-15 month first phase encompassing cross-border trade settlement through mBridge (Multiple CBDC Bridge), bilateral bridges with key trading partner India, and domestic wholesale and retail digital currency systems. The Digital Dirham launch is expected to position the UAE among the most advanced CBDC implementers globally.
[Written and edited with the assistance of AI]
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