The Central Bank is developing the first sovereign system for financial cloud services in the world

The Central Bank of the United Arab Emirates announced the signing of a strategic partnership agreement with “Core42”, an artificial intelligence enablement solutions company affiliated with the UAE “G42” group, in order to develop the first sovereign system for financial cloud services in the world.

According to a press release issued today, the launch of the sovereign system of financial cloud services based on the latest technologies in the field of financial technology comes within the Central Bank’s financial infrastructure transformation program, which aims to strengthen the UAE’s position as a leading global center for safe and innovative financial services.

The new system is based on a highly secure and completely isolated central infrastructure, ensuring complete data sovereignty and enhancing the operational flexibility of financial sector institutions. The system also provides proactive protection against growing cyber threats, which ensures the continuity of vital financial services without interruption.

This system, supported by artificial intelligence and advanced analytics technologies, will contribute to creating a qualitative shift in the levels of operational efficiency of the financial sector. Through smart automation solutions and real-time data analysis capabilities, financial institutions will be able to extract deeper insights and make more accurate decisions, which will reflect positively on the customer experience. In addition, the system will provide an integrated environment for managing multi-cloud services within a unified framework, allowing organizations to manage all their services smoothly and with high efficiency.

The signing ceremony of the agreement was witnessed by His Excellency Khalid Mohammed Balama, Governor of the Central Bank of the Emirates, where the agreement was signed by His Excellency Saif Humaid Al Dhaheri, Assistant Governor of the Central Bank for the Banking Operations and Support Services Sector, and Talal Al Qaisi, Acting CEO of Core42, in the presence of His Excellency the Governor’s assistants and senior officials from both sides.

His Excellency Saif Humaid Al Dhaheri, Assistant Governor of the Central Bank for the Banking Operations and Support Services Sector, stressed that the sovereign system of national financial cloud services represents a pivotal strategic step in enhancing the strength of the financial sector in the UAE and consolidating its technological leadership.

He explained that the system provides a secure, scalable infrastructure that is prepared to keep pace with the requirements of the future, which enhances data protection and accelerates the pace of innovation, and allows the Central Bank and licensed financial institutions to provide a new generation of digital services with high confidence.

His Excellency added: Thanks to the integration between artificial intelligence technologies and advanced analytics, the system gives a greater ability to harness smart automation and benefit from data-based insights, which strengthens the UAE’s global competitiveness and supports the process of sustainable economic growth.

For his part, Talal Al-Qaisi, Acting CEO of Core42, stressed that the financial sector relies in its work on a reliable digital infrastructure that must enjoy national sovereignty, pointing out that the sovereign system of financial cloud services represents a qualitative shift by integrating governance and real-time supervision into the infrastructure of the financial sector in the country.

He added: The development of this system comes as a result of close cooperation with the Central Bank of the Emirates, which reflects a joint commitment to establishing an infrastructure that ensures general regulatory clarity and enhances the national ability to respond and adapt. It also enables regulated financial institutions to expand the use of sovereign cloud services technologies and advanced artificial intelligence, while fully preserving the standards of national sovereignty.