Abu dhabi: The Central Bank of the United Arab Emirates (CBUAE) and Mercury have announced the formation of a strategic joint venture named Unitey Business Services. This collaboration aims to support the Financial Infrastructure Transformation programme (FIT) initiated by the CBUAE.
According to Emirates News Agency, the joint venture will enhance the operations of the UAE’s national financial market infrastructure and adhere to the highest standards of efficiency, resiliency, and business continuity across various systems and platforms. By aligning CBUAE’s strategic vision with Mercury’s expertise in payments infrastructure technology, the partnership underscores CBUAE’s commitment to maintaining national sovereignty over critical financial systems.
The new joint venture was officially launched at a signing ceremony attended by key figures, including 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 remarked on the venture, highlighting its ambition to build an innovative and resilient payments infrastructure that promotes financial inclusion across the UAE. He emphasized that the partnership with Mercury allows the CBUAE to leverage global best practices and capabilities in driving the digital transformation of the UAE’s financial ecosystem.
Muzaffar Khokhar expressed honor in partnering with the CBUAE in this strategic venture, which is pivotal in advancing the CBUAE’s FIT programme vision. He noted the mutual dedication to creating a secure, inclusive, and future-ready payments infrastructure for the UAE.