The Central Bank of the UAE appointed Vermeg as the lead technology partner in a consortium tasked with establishing a Central Securities Depository (CSD) for national debt and Sukuk.
This initiative is part of CBUAE’s strategy to enhance the infrastructure of the UAE’s capital markets and aims to improve post-trade operations while bolstering the global competitiveness of the nation’s financial markets.
The development of the CSD aligns with CBUAE’s vision to create an integrated operational environment for liquidity management and settlement, supporting both digital and traditional custody activities. This initiative is expected to enhance market readiness for emerging developments, particularly in digital assets and financial innovation, while attracting investment to the region.
H.E. Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE, said: “The development of a Central Securities Depository represents a key cornerstone in building a more efficient and resilient financial infrastructure, directly supporting the growth of capital markets and reinforcing the confidence of international investors in the UAE.”
The Assistant Governor for Banking Operations and Support Services at CBUAE indicated that the establishment of a CSD is a critical step toward creating a more efficient financial infrastructure. This development is seen as essential for fostering growth in capital markets and improving the confidence of international investors in the UAE financial landscape.
The partnership with Vermeg aims to introduce technological solutions that align with global advancements, thereby reinforcing the foundations of a future-ready financial ecosystem.
Vermeg’s Chairman of the Supervisory Board expressed the firm’s honour in being selected as CBUAE’s strategic technology partner for this significant project. This appointment underscores VERMEG’s extensive experience in providing support to central banks and market infrastructures, particularly in post-trade, collateral management, and custody solutions.
The development of a next-generation CSD is expected to enhance market efficiency and strengthen the UAE’s status as a leading financial centre.
Stay Up to Date with the Latest Updates at Finance ME
Emirates NBD Launches Temporary Support Package for SMEs
DIFC Introduces Temporary Relief Measures
EDGE’s Rodrigo Torres on Risk, Sovereignty and Defence Finance in a Multipolar World
