In Partnership with MasterCard, the UAE Government Accelerates Artificial Intelligence Adoption Capabilities

In Partnership with MasterCard, the UAE Government Accelerates Artificial Intelligence Adoption Capabilities

By Emirates News Agency, 26 August 2023

A Memorandum of Understanding (MoU) was signed on Thursday (24/8) by Mastercard and the Artificial Intelligence, Digital Economy, and Remote Work Applications Office of the United Arab Emirates to advance regional artificial intelligence (AI) capacity and preparedness.

WAM reported that an initial focus of the cooperation will be devoted to combating financial crime, safeguarding the digital ecosystem, and promoting inclusive growth in the UAE and abroad. AI is playing an increasingly transformative role across society.

Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications Omar bin Sultan Al Olama emphasized the UAE government's committed efforts toward strategic alliances with the private sector and top global businesses. These partnerships have been acknowledged as key catalysts for accelerating the adoption of artificial intelligence, a vital step in the country's road toward digital wealth and growth.

Al Olama emphasized the value of bilateral collaboration while highlighting the necessity of achieving the goals set forth in the UAE Strategy for Artificial Intelligence 2031. This plan intends to maintain the UAE's status as a top artificial intelligence center. In parallel, it aims to promote the creation of thorough technology-driven frameworks within priority industries.

Additionally, he applauded MasterCard's efforts to incorporate artificial intelligence and their opening of a worldwide center for cutting-edge technology and artificial intelligence in the United Arab Emirates.

While Mastercard launched its most recent global center for advanced AI and cyber technology in Dubai, this agreement was signed. The Centre will concentrate on protecting the digital ecosystem and promoting inclusive growth in addition to creating AI-powered solutions to combat financial crime. In order to speed AI innovation globally and serve clients from the UAE, it will also act as a hub to develop and hire local AI talent, including data engineers and data scientists.

Ajay Bhalla, President, Cyber, and Intelligence at Mastercard, said, “AI plays a critical role in our operations, powering our products and fueling our network intelligence to improve digital experiences while reducing financial fraud and risk. The combination of this latest Advanced AI Centre and our partnership with the Government of the UAE will deliver greater value for our customers and ultimately reinforce trust in the digital ecosystem.”

Mastercard's new center – drawing on the company’s technical knowledge and expertise – will support a new Innovation Hub in the emirate of Dubai. Under this program, governments and businesses from across the region will collaborate on new efforts to support the continued digital transformation.

Dimitrios Dosis, President, Eastern Europe, Middle East, and Africa, Mastercard, stated, “The UAE is a global leader in developing innovative emerging technologies to foster economic growth and drive digital transformation. For more than 35 years, Mastercard has invested in the UAE to harness the power of technology for the good of the nation. By embracing the power of AI, we usher in the next generation of transformative technology and support the National Artificial Intelligence Strategy 2031.”

Technology is developing quickly in the Middle East. The International Data Corporation (IDC) predicts that during the coming years, Middle Eastern investments in digital transformation will quadruple. By 2030, PwC projects that AI will generate 320 billion US dollars for the local economy and more than US$15 trillion for the global economy. AI has the potential to solve some of the most important problems of the day, such as lowering fraud while facilitating more access to financial services.

The Mastercard Advanced AI Center in Dubai is the most recent in a line of investments in the field that also includes facilities in the US, Canada, and India. Mastercard has so far used AI most effectively and significantly in its work to improve user experiences and cybersecurity. Mastercard safeguards more than 125 billion transactions from fraud annually by utilizing a highly advanced AI engine.

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