UAE Central Bank selects Accenture for supervisory technology program

The Central Bank of the UAE has launched a major digital transformation program aimed at enhancing the way how it supervises financial institutions, selecting Accenture as its consulting partner.

At the heart of the digital transformation program is the Financial Infrastructure Transformation project, which sets out to automate supervisory activities, ensuring that institutions comply with regulations efficiently while safeguarding against financial crimes such as money laundering.

The program also oversees a major upgrade to the central bank’s data management. The so-called Enterprise Data Management project focuses on enhancing data integrity, providing sophisticated tools for analytics, automation, and AI-driven decision-making through a unified supervision portal.

According to Ahmed Al Qamzi, Assistant Governor of Banking and Insurance Supervision at the Central Bank of the UAE, the transformation is poised to “set new standards” in financial supervision and data management. “By adopting state-of-the-art digital solutions, it aims to not only streamline regulatory compliance but also ensure a more robust and secure financial environment for the UAE,” he said.

Accenture was selected as consulting partner after a thorough evaluation process that assessed multiple tier-one consulting firms, on factors such as industry expertise, track record, business and technology knowhow, and more.

As part of its role, Accenture will support the implementation of the two main projects, as well as initiatives across various domains, including licensing, supervision, and enforcement over the next two years.

“This collaboration is set to revolutionize the way the Central Bank of the UAE oversees banks and licensed financial institutions by introducing advanced digital solutions aimed at streamlining supervisory processes and bolstering the financial system’s stability, Al Qamzi stated.

Omar Boulos, Regional Managing Director of Accenture in MENA, said, “We are pleased to collaborate with the Central Bank of the UAE 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 central bank and Accenture.”

The collaboration will be delivered in parallel with a number of other projects Accenture is supporting at the central bank. This includes the National Instant Payment Platform, a five-year project that kicked in in 2022 and aims to turn the UAE’s payments infrastructure into one of the fastest and most secure in the world.