The Central Bank of the United Arab Emirates (CBUAE) and Mercury have unveiled their strategic joint venture, Unitey Business Services, which aims to support the Financial Infrastructure Transformation program (FIT) initiated by the CBUAE.
This collaboration is set to boost the operations of the UAE’s national financial market infrastructure, ensuring adherence to the highest standards of efficiency, resiliency, and business continuity across various systems and platforms.
By synchronizing CBUAE’s strategic vision with Mercury’s established expertise in payments infrastructure technology and services, this venture embodies a robust public-private partnership that highlights CBUAE’s commitment to maintaining national sovereignty over critical financial systems.
The official launch of the new joint venture company took place during a signing ceremony attended 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.
Strengthening financial sovereignty
Moreover, the agreement was executed by Ebrahim Obaid Al Zaabi, assistant governor for Monetary Policy and Financial Stability at CBUAE, and Muzaffer Hamid, chief executive chairman of Mercury.
In remarks regarding the agreement, Al Zaabi stated, “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.”
For his part, Khokhar remarked, “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 program and highlights our mutual dedication to creating a secure, inclusive, and future-ready payments infrastructure for the nation.”
