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 His Excellency Khaled Mohamed Balama, Governor of the CBUAE, Mr. Muzaffar Khokhar, Executive Chairman of Mercury, and His Excellency Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE. The agreement was signed by His Excellency Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at CBUAE and Mr. Muzaffer Hamid, Chief Executive Officer of Mercury.
Commenting on the agreement, His Excellency 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.”
Mr. 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.”
