The Central Bank develops the deposit system in cooperation with Vermeg Company

The Central Bank of the United Arab Emirates announced the appointment of Vermeg – Vermeg“The global provider of technical solutions for capital markets infrastructure, collateral management, and asset services, and a major technical partner for developing the technological system supporting the “Central Depository” system –CSDConcerning public debt and sukuks.

This comes within the framework of the bank’s strategy to enhance the infrastructure of capital markets in the UAE.

The bank explained that this strategic initiative aims to improve the efficiency of post-trading operations and consolidate the global competitiveness of the financial markets in the country.

The initiative comes within the framework of the Central Bank’s vision to develop an integrated operating environment for liquidity management and settlement operations through traditional and digital asset custody activities, in accordance with the highest international standards, in a way that supports attracting investments and enhances the markets’ readiness for future developments, especially in the areas of digital assets, including digitally created instruments and bonds, and financial innovation.

Assistant Governor for the Banking Operations and Support Services Sector at the Central Bank, Saif Humaid Al Dhaheri, said that developing the central deposit system – CSDIt represents an essential foundation for building a more efficient and flexible financial infrastructure that directly contributes to enhancing the growth of capital markets and consolidating the confidence of international investors in the UAE.

He pointed out that the Central Bank aims, through this partnership, to adopt proactive technical solutions that keep pace with the rapid global transformations, and to establish the foundations of a financial system capable of anticipating and creating the future of digital services.

For his part, Chairman of the Board of Directors of Vermeg Company, Badraldin Wali, said that the UAE Central Bank’s selection of “Vermeg” as a technical partner in this vital project, which embodies the vision of the Central Bank in developing the infrastructure of the capital markets in the UAE, reflects the company’s solid experience in supporting central banks and capital markets infrastructure through advanced solutions in post-trading services, collateral management and asset custody.

He expressed the company’s pride in contributing to the development of a central deposit system that would enhance market efficiency, support financial innovation, and consolidate the UAE’s position as a leading financial center.