CBUAE, Mercury form JV to enhance UAE's financial market infrastructure

The Central Bank of the United Arab Emirates (CBUAE) and Mercury have announced the formation of a strategic joint venture (JV), Unite Business Services, aiming at supporting the Financial Infrastructure Transformation programme (FIT) launched by the CBUAE.

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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.