PRESSR: The CBUAE enhances SupTech initiative as part of its Financial Infrastructure Transformation Programme

First published: 25-Apr-2024 09:23:39

Abu Dhabi: The Central Bank of the UAE (CBUAE) has partnered with Accenture with the aim to implement a range of transformative services for the CBUAE’s Supervisory Technology (SupTech) initiative and the Enterprise Data Management (EDM) programme through the adoption of best-in-class digital solutions.

SupTech is one of the key initiatives under the Financial Infrastructure Transformation (FIT) Programme and aims to enhance the effectiveness of the CBUAE’s supervisory processes through digital transformation and the adoption of new technologies. SupTech will automate and streamline activities for banks and licensed financial institutions, enabling best-in-class processes, ensuring compliance with regulations, strengthening the stability of the financial system, and protecting the nation from money laundering and other financial crimes.

The EDM programme will ensure the integrity of the CBUAE’s data and provide advanced capabilities for analytics, automation, and AI-driven decision making through a single unified supervision portal. The programme will develop a holistic and comprehensive view of the entire CBUAE ecosystem, ensuring that the required data governance standards are applied while leveraging available technology to enhance data management, analytics, and reporting.

Under the partnership, projects and initiatives aimed at achieving the digital transformation of the CBUAE will be implemented in focused spheres including licensing, supervision and enforcement functions over the next two years.

Accenture was appointed following a comprehensive evaluation process, which included measuring the ability of the solutions provided by the company to meet the requirements of establishing an integrated infrastructure.

Ahmed Al Qamzi, Assistant Governor of Banking and Insurance Supervision at the CBUAE, said, “This partnership signifies a major step forward in the CBUAE's journey towards digital transformation and innovation, building upon the achievements of the SupTech and Enterprise Data Management programmes. It will also contribute towards growth and diversification in the financial services sector and support in enhancing the UAE’s position as a global financial centre.”

Omar Boulos, Regional Managing Director of Accenture in the MENA region, said: “We are pleased to collaborate with the CBUAE on this transformative initiative, and to leverage our digital expertise and the power of artificial intelligence to enhance the UAE’s financial infrastructure. The establishment of the supervisory technology platform will represent a new achievement in the close partnership between the CBUAE and Accenture, continuing on our work on the instant payments platform.”

© Press Release 2024

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.