Latest news with #CentralBankoftheUnitedArabEmirates
Khaleej Times
5 days ago
- Business
- Khaleej Times
CBUAE, Mercury launch strategic joint venture to strengthen UAE's national financial market infrastructure
The Central Bank of the United Arab Emirates (CBUAE) and Mercury have announced the formation of a strategic joint venture, Unitey Business Services, aiming at supporting the Financial Infrastructure Transformation programme (FIT) launched by the CBUAE. This joint venture will enhance the operations of the UAE's national financial market infrastructure and meet the highest standards and practices in terms of efficiency, resiliency and business continuity of the different systems and platforms. By aligning CBUAE's strategic vision with Mercury's proven expertise in payments infrastructure technology and services, the venture represents a robust public-private partnership that underscores CBUAE's commitment to preserving national sovereignty over critical financial systems. The new joint venture company was formally launched during a signing ceremony witnessed by Khaled Mohamed Balama, governor of the CBUAE; Muzaffar Khokhar, executive chairman of Mercury; and Saif Humaid Al Dhaheri, assistant governor for banking operations and support services at CBUAE. The agreement was signed by Ebrahim Obaid Al Zaabi, assistant governor for monetary policy and financial stability at CBUAE and Muzaffer Hamid, chief executive officer of Mercury. Commenting on the agreement, Ebrahim Obaid Al Zaabi, assistant governor for monetary policy and financial stability at CBUAE said: "This joint venture reflects our ambition to build a future-focused payments infrastructure that is both innovative and resilient, and promotes financial inclusion across the UAE. Our partnership with Mercury enables us to harness global best practices and capabilities as we drive the digital transformation of the UAE's financial ecosystem.' Muzaffar Khokhar, executive chairman of Mercury added: 'We are honoured to partner with the Central Bank of the UAE in this strategic venture which plays a central role in advancing the vision of CBUAE's FIT programme and highlights our mutual dedication to creating a secure, inclusive, and future-ready payments infrastructure for the nation.'
Arabian Business
5 days ago
- Business
- Arabian Business
UAE bank investments surge 16.2% to nearly $211bn in April 2025
Banks operating in the UAE recorded investment levels of AED 774.3 billion by the end of April 2025, according to data from the Central Bank of the United Arab Emirates (CBUAE). The figure represents a 16.2 per cent increase compared to April 2024 and a 1.4 per cent rise from March 2025, maintaining the sector's upward trajectory. UAE banking sector sees strong growth Banking indicators released by the CBUAE show investments in debt securities reached AED 352.4 billion by April's end, according to a statement by the Emirates News Agency (WAM). Securities held to maturity totalled AED 345.8 billion during the same period. Banks allocated AED 19.3 billion to stocks and AED 56.8 billion to other investment instruments. Total bank credit exceeded AED 2.259 trillion, marking an annual growth of 9.5 per cent. Domestic credit comprised approximately AED 1.881 trillion of this total, whilst foreign credit accounted for AED 378.3 billion. Bank deposits surpassed AED 2.965 trillion, with resident deposits contributing AED 2.689 trillion and non-resident deposits reaching AED 275.6 billion. The breakdown by emirate shows Abu Dhabi banks led with investments of AED 408.9 billion, followed by Dubai at AED 296 billion. Other emirates recorded AED 69.5 billion in banking investments.
Arabian Business
5 days ago
- Business
- Arabian Business
UAE central bank partners with Mercury to launch new joint venture
The Central Bank of the United Arab Emirates (CBUAE) and Mercury have announced the formation of a joint venture, Unitey Business Services, to support the Financial Infrastructure Transformation programme (FIT) launched by the CBUAE. The joint venture will enhance the operations of the UAE's national financial market infrastructure and meet standards and practices in terms of efficiency, resiliency and business continuity of the systems and platforms, the Emirates News Agency (WAM) said in a statement. UAE central bank forms technology partnership The venture aligns CBUAE's vision with Mercury's expertise in payments infrastructure technology and services, representing a public-private partnership that underscores CBUAE's commitment to preserving national sovereignty over financial systems. The joint venture company was launched during a signing ceremony witnessed by Khaled Mohamed Balama, Governor of the CBUAE; Muzaffar Khokhar, Executive Chairman of Mercury; and Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE. The agreement was signed by Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at CBUAE, and Muzaffer Hamid, Chief Executive Officer of Mercury. Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at CBUAE, said: 'This joint venture reflects our ambition to build a future-focused payments infrastructure that is both innovative and resilient, and promotes financial inclusion across the UAE. Our partnership with Mercury enables us to harness global best practices and capabilities as we drive the digital transformation of the UAE's financial ecosystem.' Muzaffar Khokhar, Executive Chairman of Mercury, added: 'We are honoured to partner with the Central Bank of the UAE in this strategic venture which plays a central role in advancing the vision of CBUAE's FIT programme and highlights our mutual dedication to creating a secure, inclusive, and future-ready payments infrastructure for the nation.'
Fintech News ME
5 days ago
- Business
- Fintech News ME
UAE Central Bank Partners with Mercury to Launch Unitey for National Payments Infrastructure Overhaul
The Central Bank of the United Arab Emirates (CBUAE) and Mercury, a UAE-based fintech firm specialising in payments infrastructure and services, have announced the establishment of a joint venture, Unitey Business Services. The initiative is aimed at supporting the CBUAE's Financial Infrastructure Transformation (FIT) programme by strengthening the operations of the UAE's national financial market infrastructure and enhancing efficiency, resilience and business continuity across systems and platforms. The partnership aligns the CBUAE's strategic vision with Mercury's technical expertise, forming a public-private collaboration that reinforces the central bank's commitment to maintaining national oversight of critical financial systems. Commenting on the agreement, Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the CBUAE, said: 'This joint venture reflects our ambition to build a future-focused payments infrastructure that is both innovative and resilient, and promotes financial inclusion across the UAE. Our partnership with Mercury enables us to harness global best practices and capabilities as we drive the digital transformation of the UAE's financial ecosystem.' Muzaffar Khokhar, Executive Chairman of Mercury, added: 'We are honoured to partner with the Central Bank of the UAE in this strategic venture which plays a central role in advancing the vision of CBUAE's FIT programme and highlights our mutual dedication to creating a secure, inclusive and future-ready payments infrastructure for the nation.'
Al Etihad
6 days ago
- Business
- Al Etihad
UAE Central Bank, Mercury launch strategic joint venture to strengthen UAE's national financial market infrastructure
24 July 2025 16:40 ABU DHABI (WAM)The Central Bank of the United Arab Emirates (CBUAE) and Mercury have announced the formation of a strategic joint venture, Unitey Business Services, aiming at supporting the Financial Infrastructure Transformation programme (FIT) launched by the joint venture will enhance the operations of the UAE's national financial market infrastructure and meet the highest standards and practices in terms of efficiency, resiliency and business continuity of the different systems and aligning CBUAE's strategic vision with Mercury's proven expertise in payments infrastructure technology and services, the venture represents a robust public-private partnership that underscores CBUAE's commitment to preserving national sovereignty over critical financial new joint venture company was formally launched during a signing ceremony witnessed by Khaled Mohamed Balama, Governor of the CBUAE, Muzaffar Khokhar, Executive Chairman of Mercury, and Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at agreement was signed by Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at CBUAE and Muzaffer Hamid, Chief Executive Officer of on the agreement, Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at CBUAE, said, "This joint venture reflects our ambition to build a future-focused payments infrastructure that is both innovative and resilient, and promotes financial inclusion across the UAE. Our partnership with Mercury enables us to harness global best practices and capabilities as we drive the digital transformation of the UAE's financial ecosystem.' Muzaffar Khokhar, Executive Chairman of Mercury, added, 'We are honoured to partner with the Central Bank of the UAE in this strategic venture which plays a central role in advancing the vision of CBUAE's FIT programme and highlights our mutual dedication to creating a secure, inclusive, and future-ready payments infrastructure for the nation.'
