United Arab Emirates Central Bank Teams Up with Presight to Ignite AI-Powered Financial Fortress, Boosting Financial Sturdiness
The Central Bank of the United Arab Emirates (CBUAE) and Presight, an AI and big data analytics company, have joined forces to create a sovereign AI-powered technology company. This strategic collaboration aims to transform critical financial platforms and services in the UAE, contributing significantly to the country's Financial Infrastructure Transformation (FIT) programme.
The joint venture, which was announced at a signing ceremony attended by high-ranking officials, will focus exclusively on AI-driven financial solutions. It is purpose-built to accelerate innovation and enhance the resilience of critical financial systems, supporting the accelerated transformation of the UAE's financial sector.
The new company will develop, maintain, and provide technical support for various financial market infrastructures, including the Central Bank Digital Currency (CBDC) infrastructure, the Real-Time Gross Settlement (RTGS) system, the Instant Payments Platform (Aani), the National Card Switch, the Jaywan domestic card scheme, and the Open Finance framework known as Nebras.
By integrating advanced AI and big data analytics from Presight, the joint venture aims to strengthen resilience, security, and efficiency across the financial ecosystem. This will enable the UAE to accelerate digital currency initiatives, foster financial independence, and create a seamless, AI-enhanced financial infrastructure that benefits consumers, businesses, and regulators alike.
In a statement, Mr. Thomas Pramotedham, CEO of Presight, expressed his excitement about the joint venture, stating that it will redefine how financial markets operate, making them faster, more intelligent, and more secure. His Excellency Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the CBUAE, also praised the collaboration, emphasising its importance in ensuring the UAE's financial market infrastructure remains resilient, secure, efficient, and future-ready.
This partnership solidifies the UAE’s position as a leading regional financial technology hub and supports the country’s ambition to transform into a cashless, AI-driven economy. The joint venture is expected to significantly contribute to the national economic stability and enhance the UAE's position as a global financial hub.
[1] Central Bank of the United Arab Emirates press release, [date] [2] Presight press release, [date] [3] Gulf News, [article title], [date] [4] Khaleej Times, [article title], [date]
- The strategic collaboration between the Central Bank of the United Arab Emirates (CBUAE) and Presight is specifically designed to establish an AI-powered technology company, focusing on developing and implementing AI-driven financial solutions to enhance the resilience and efficiency of the UAE's financial sector.
- The new AI-powered technology company, a product of this partnership, plans to improve various financial market infrastructures, including the Central Bank Digital Currency (CBDC) infrastructure, the Real-Time Gross Settlement (RTGS) system, the Instant Payments Platform (Aani), the National Card Switch, the Jaywan domestic card scheme, and the Open Finance framework known as Nebras.
- By integrating Presight's advanced AI and big data analytics into these financial infrastructures, the joint venture aims to strengthen security, resilience, and efficiency across the UAE's financial ecosystem, thereby accelerating digital currency initiatives, fostering financial independence, and positioning the UAE as a global leader in AI-driven economics.
