CBUAE and Presight Launch Joint Venture to Boost AI Integration in Financial Infrastructure
The initiative represents a key development in the UAE's efforts to strengthen the resilience of its financial systems and integrate artificial intelligence across its financial ecosystem.
The joint venture will deliver sovereign, AI-based technology platforms and services designed to support and improve the UAE's financial market infrastructure.
It will contribute to the development, upkeep, and technical support of key financial systems such as 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 platform (Nebras).
Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at CBUAE, stated,
'By leveraging the leading role of the CBUAE's Financial Infrastructure Transformation Programme 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.'
Thomas Pramotedham, CEO of Presight, commented,
'By focusing exclusively on AI driven financial solutions, we are creating a sovereign finance technology powerhouse that will redefine how financial markets operate, faster, with applied intelligence, and more securely than ever before.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 days ago
- Zawya
Egypt Participates in Drafting and Launching the G20 Development Working Group Ministerial Declaration
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, represented the Arab Republic of Egypt at the G20 Development Working Group Ministerial Meeting held in South Africa. She also participated in drafting and launching the Ministerial Declaration at the conclusion of the meetings. The Ministerial Declaration, issued at the meetings, affirmed that development financing is at the core of shared priorities. It also highlighted the urgent need to enhance domestic resource mobilization, address illicit financial flows, and strengthen the role of multilateral and innovative financing mechanisms. The G20 reaffirmed its commitment to the 2030 Agenda for Sustainable Development, its pledge to leave no one behind, and its enhanced shared responsibility in confronting global challenges and interconnected crises, from debt to global inequalities, climate change, and the SDG financing gap. During her participation, H.E. Dr. Rania Al-Mashat highlighted Egypt's experience in launching the "Country Approaches for Financing Sustainable Development and Climate Action" initiative within the Seville Platform for Action, with the aim of advancing integrated financing frameworks globally. Egypt co-leads this initiative (alongside South Africa, the United Nations Development Programme, the United Nations Department of Economic and Social Affairs, the Organisation for Economic Co-operation and Development, UNICEF, regional development banks, and others). Its objectives include 100 countries implementing integrated financing programs or country financing platforms funded by public, private, and philanthropic sources by 2030. Egypt has already begun joint work with Mexico to understand the mechanism for designing and implementing national platforms. Regarding stimulating large-scale investments, H.E. Dr. Al-Mashat emphasized the importance of allowing the private sector to play an effective role in development financing, improving governance in international financial institutions, and strengthening the United Nations' role in setting global economic rules. She also stressed the significance of debt sustainability and updating the basis for calculating Debt Sustainability Analysis (DSA) to ensure a fairer assessment for developing countries, particularly in Africa, and to support these countries with incentive tools and mechanisms to overcome ongoing debt challenges. In line with the G20 ministers' declaration, which highlights the urgent need to bridge the $4.5 trillion annual SDG financing gap, H.E. Dr. Al-Mashat affirmed the pressing need to expand blended finance and public-private partnerships, and to implement debt-for-development swap programs. She pointed to Egypt's experience, particularly with Italy, Germany, and China, in providing fiscal space for investment in high-impact projects in food security, women's empowerment, environmental protection, and climate change, making it a successful and replicable model. Furthermore, between 2020 and May 2025, Egypt successfully mobilized approximately $15.6 billion for private sector financing from international partners, with $4 billion allocated to the private sector within the Country Platform – the "NWFE" program. Despite the absence of an internationally agreed definition for Global Public Goods, the G20 Ministerial Declaration stressed the urgent need to enable the provision of these goods, along with the importance of taking action to support low-income and developing countries in implementing the 2030 Agenda in accordance with their national priorities and contributing to global well-being. This is what the Development Working Group calls for: enhancing global consensus, research, and cooperation on the protection and provision of Global Public Goods. The Minister of Planning, Economic Development and International Cooperation reiterated in her speech that development financing and investments in essential sectors represent the cornerstone of sustainable economic and social growth and have a direct impact on human well-being and long-term productivity. She confirmed the necessity of achieving a common vision in line with the G20 Ministerial Declaration, through mobilizing long-term and affordable financing and rethinking multilateral cooperation. With over $460 trillion in global assets, the potential to bridge SDG financing gaps is within reach – if countries redirect capital towards inclusive and sustainable priorities. H.E. Dr. Al-Mashat concluded her speech by stating that the outcomes of this Ministerial Meeting must represent the beginning of a practical phase – to translate commitments into tangible progress, moving from policies to practices with strong political will, while ensuring that no country is left behind in our pursuit of a more sustainable and equitable future for all. It is worth noting that the G20 is the premier forum for international economic cooperation and plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. Its membership includes 19 countries plus the European Union and the African Union. South Africa assumed the G20 presidency from December 1, 2024, to November 2025, and is committed to leading the G20 by focusing on people, development, and solutions in a complex global geopolitical landscape. This comes against the backdrop of Egypt's pioneering experience – as a middle-income country – in balancing its national priorities. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Time Out Abu Dhabi
3 days ago
- Time Out Abu Dhabi
New banking rule coming to the UAE: Banks to switch from OTPs to in-app authentication
Banks in the United Arab Emirates are phasing out one-time passwords sent via texts and email as early as this week. The shift in digital banking security will begin on Friday July 25 and is being gradually rolled out by the Central Bank of the UAE. Instead of those OTP texts and emails you get sent prior to making a big purchase, you'll soon need to authenticate transactions with greater security via your bank's mobile app. OTPs are security codes that are valid for only one login attempt or transaction and are typically used for digital payments – including online shopping or QR-code purchases when you're dining out. The switch will not happen overnight and is expected to be fully in place by all banks March 2026. A CBUAE spokesperson explained to Gulf News that customers will complete online transactions easily by selecting the Authentication via App feature. The spokesperson said: 'As per the directives issued by the UAE Central Bank, the practice of receiving OTPs via SMS or email will be phased out. 'Customers can now complete online transactions easily by selecting the 'Authentication via App' feature in their bank's smart application.' The switch from OTPs to in-app authentication should provide more security for payments in the UAE. Banks are urging customers to update their apps and start favouring in-app authentication instead. With more payments being made digitally in Abu Dhabi, even when you're out and about, the switch means you'll need to make sure your phone is charged at all times to authenticate those big bills. Many of the best restaurants in Abu Dhabi will now ask you to pay after scanning a QR code. More things to do in Abu Dhabi Everything happening in Abu Dhabi in 2025 From new openings to big events, this is shaping up to be quite a year It's official: Abu Dhabi Comedy Season is returning for a second edition with some huge names Wow, look at this line-up Abu Dhabi's best restaurants: Everywhere you should eat at least once Your dinner inspo is sorted
Gulf Today
3 days ago
- Gulf Today
Bank investments in UAE cross Dhs774 billion by end of April 2025
Investments by banks operating in the UAE continued their upward trend, reaching Dhs774.3 billion by the end of April 2025. This marks a 16.2% annual increase compared to April 2024 and a 1.4% rise from March 2025. According to banking indicators released by the Central Bank of the UAE (CBUAE), investments in debt securities grew to Dhs352.4 billion by the end of April. Meanwhile, securities held to maturity totalled Dhs345.8 billion. Banks also invested Dhs19.3 billion in stocks and Dhs56.8 billion in other investment instruments. Total bank credit rose to over Dhs2.259 trillion, reflecting an annual growth of 9.5%. Of this, domestic credit accounted for approximately Dhs1.881 trillion, while foreign credit reached Dhs378.3 billion. Bank deposits exceeded Dhs2.965 trillion, comprising Dhs2.689 trillion in resident deposits, Dhs275.6 billion in non-resident deposits. A breakdown of investments by emirate noted that Abu Dhabi banks took the lead with Dhs 408.9 billion, followed by Dubai with Dhs 296 billion, and other emirates at Dhs69.5 billion. According to the Summary Report - Monetary & Banking Developments - April 2025 issued recently by the Central Bank of the UAE the total banking sector assets in the UAE, including bankers' acceptances, rose by 0.6 per cent month-on-month to exceed Dhs4.749 trillion at the end of April 2025, up from approximately Dhs4.719 trillion at the end of March. According to the report total bank credit increased by 0.9 per cent to surpass Dhs2.259 trillion at the end of April, compared to Dhs2.240 trillion at the end of March, driven by a rise of Dhs12.3 billion in domestic credit and Dhs7.1 billion in foreign credit. The growth in domestic credit was attributed to a 0.7 per cent increase in credit to the government sector, a 1.2 per cent increase to the public sector (government-related entities), and a 0.6 per cent increase to the private sector. Meanwhile, credit to non-banking financial institutions declined by 4.3 per cent. Total bank deposits also rose by 1 per cent month-on-month to exceed Dhs2.965 trillion at the end of April, compared to Dhs2.936 trillion at the end of March. This increase was driven by a 0.1 per cent rise in resident deposits, which reached over Dhs2.689 trillion, in addition to a 10.9 per cent increase in non-resident deposits to Dhs275.6 billion. Within resident deposits, government sector deposits rose by 0.9 per cent, and private sector deposits increased by 1.1 per cent. However, deposits from non-banking financial institutions fell by 9.2 per cent, and deposits from government-related entities declined by 6.5 per cent. The central bank also reported a 2.6 per cent increase in the monetary aggregate M1, which reached Dhs1.0119 trillion at the end of April, up from Dhs986.2 billion at the end of March. This was due to a Dhs26.9 billion increase in monetary deposits, which offset a Dhs1.2 billion decline in currency in circulation outside banks. Conversely, the M2 aggregate declined by 0.1 per cent to Dhs2.435 trillion at the end of April, compared to Dhs2.4377 trillion in March, driven by a Dhs27.8 billion fall in quasi-monetary deposits. The M3 aggregate increased by 0.2 per cent from Dhs2.8937 trillion in March to Dhs2.8982 trillion in April, mainly due to a Dhs6.6 billion increase in government deposits. Data also showed a 1.7 per cent decline in the monetary base, from Dhs833.1 billion in March to Dhs819 billion in April, attributed to a 2.5 per cent drop in issued currency and a 32.0 per cent fall in reserve accounts, despite a significant 159.8 per cent surge in current accounts and overnight deposits held by banks and other financial institutions at the central bank, as well as a 3.1 per cent rise in monetary bills and Islamic certificates of deposit. Meanwhile, the central bank's foreign assets increased to Dhs937.5 billion at the end of April, compared to Dhs935.2 billion at the end of March. As of the end of April, these foreign assets comprised Dhs403.2 billion in bank balances and deposits abroad, Dhs490.1 billion in foreign securities, and Dhs44.1 billion in other foreign assets. The central bank's balance sheet totalled Dhs972.3 billion, with liabilities and capital consisting of Dhs449.1 billion in current accounts and deposit accounts, Dhs279.9 billion in monetary bills and Islamic certificates of deposit, Dhs165.2 billion in currency notes and coins in circulation, Dhs33.2 billion in other liabilities, and Dhs45 billion in capital and reserves. On the asset side, the balance sheet comprised Dhs210.9 billion in cash and bank balances, Dhs208 billion in deposits, Dhs516.8 billion in investments, Dhs0.5 billion in loans and advances, and Dhs36.2 billion in other assets. Meanwhile, Commercial Bank of Dubai (CBD) has announced its financial results for the second quarter and first half of 2025, achieving a remarkable milestone of 20 consecutive quarters of profit growth. The Bank reported a net profit before tax of Dhs1.862 billion, representing a 16.7 per cent increase compared to the same half last year. WAM
