The Central Bank of the United Arab Emirates has announced the signing of a strategic partnership with Core42, a leading provider of AI empowerment solutions under the G42 group, aimed at developing the world’s first sovereign cloud financial services system.
The launch of this sovereign cloud financial services system, built on the latest innovations in financial technology, is part of the Central Bank’s initiative to enhance the UAE’s status as a global hub for secure and innovative financial services.
The new system is designed with a highly secure and completely isolated central infrastructure, ensuring complete data sovereignty and enhancing the operational flexibility of financial institutions. Moreover, it provides proactive protection against the increasing cyber threats, ensuring uninterrupted continuity of vital financial services.
Fostering Innovation Through AI:
This new system, powered by advanced AI technologies and analytics, is set to revolutionize operational efficiency within the financial sector. With smart automation solutions and real-time data analysis capabilities, financial institutions will be able to gain deeper insights and make more precise decisions, positively impacting customer experiences. Additionally, the system will offer a comprehensive environment for managing multiple cloud services within a unified framework, allowing institutions to manage all their services smoothly and efficiently.
The signing ceremony was attended by Khaled Mohammed Balama, Governor of the Central Bank of the UAE, along with Sief Hamid Al Dhaheri, Assistant Governor for Banking Operations and Support Services, and Talal Al Qaisi, Acting CEO of Core42, in the presence of the bank’s assistant governors and senior officials from both parties.
Sief Hamid Al Dhaheri emphasized that the sovereign cloud financial services system represents a key strategic step toward strengthening the resilience of the UAE’s financial sector and enhancing its technological leadership. He stated that the system provides a secure, scalable infrastructure equipped to meet future demands, boosting data protection and accelerating innovation, enabling both the Central Bank and licensed financial institutions to offer a new generation of digital services with high confidence. He added, “Thanks to the integration of AI technologies and advanced analytics, the system affords greater capabilities in leveraging smart automation and utilizing data-driven insights, enhancing the UAE’s global competitiveness and supporting sustainable economic growth.”
In addition, Talal Al Qaisi noted that the financial sector relies on a trustworthy digital infrastructure that must uphold national sovereignty. He mentioned that the sovereign cloud financial services system represents a significant advancement by integrating governance and real-time oversight into the financial sector’s infrastructure in the UAE. He added, “The development of this system is a result of close collaboration with the Central Bank of the UAE, reflecting a shared commitment to establishing an infrastructure that ensures public regulatory clarity and enhances the national capacity to respond and adapt. It also enables regulated financial institutions to expand their use of sovereign cloud services and advanced AI, while fully maintaining national sovereignty standards.”