CBUAE & Presight Launch AI Venture to Power UAE's Financial Future

The Central Bank of the United Arab Emirates (CBUAE) and Presight, a top AI and big data analytics firm, have announced jointly a new venture to propel the UAE's Financial Infrastructure Transformation (FIT) Programme. The venture is a key step to strengthen the resilience and modernization of the country's financial system using artificial intelligence.

The new entity will deal with providing sovereign, AI-driven platforms and services that help enhance key financial infrastructure. These range from the Central Bank Digital Currency (CBDC) ecosystem, Instant Payments Platform (Aani), Domestic Card Scheme (Jaywan), National Card Switch, Real Time Gross Settlement (RTGS) system, to the Open Finance platform (Nebras).

Key Highlights:

• CBUAE and Presight have launched a sovereign AI venture to modernize the UAE's financial infrastructure under the FIT Programme
• The new entity will enhance systems including CBDC, instant payments (Aani), national card (Jaywan), and RTGS
• The initiative aims to strengthen financial resilience and cement the UAE’s status as a global fintech hub

Ebrahim Obaid Al Zaabi, CBUAE's Assistant Governor for Monetary Policy and Financial Stability, highlighted the initiative's effect: "By building on the pioneering position of the CBUAE's Financial Infrastructure Transformation Programme and Presight's technology expertise, this project will enhance the UAE financial ecosystem and the country's national economic stability, further consolidating the country's position as an international financial hub."

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Thomas Pramotedham CEO of Presight's, emphasized the innovation and security focus: "By concentrating solely on AI fueled financial solutions, we are building a sovereign finance technology powerhouse that will revolutionize the way financial markets work, quicker, with applied intelligence, and safer than ever before."

The joint venture is a milestone for the UAE's ambition to become a technologically advanced, globally competitive financial hub.