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.”