The UAE’s Artificial intelligence, Digital Economy and Remote Work Applications Office and Mastercard today signed a Memorandum of Understanding to increase artificial intelligence capabilities and readiness in the region. An initial focus of the effort will be dedicated to battling financial crime, securing the digital ecosystem, and driving inclusive growth in the UAE and beyond.
„The signing of this partnership comes as Mastercard unveiled its latest global Center for Advanced AI and Cyber Technology in Dubai. In addition to developing AI-powered solutions to fight financial crime, the center will focus on securing the digital ecosystem and driving inclusive growth. It will also serve as a hub to nurture and hire local AI talent, including data engineers and data scientists, with a remit to accelerate AI innovation globally and service customers all around the world from the UAE.” according to the press release.
“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,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “The combination of this latest Advanced AI Center 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.
The Middle East is undergoing a rapid technological shift. According to IDC, investments in digital transformation are expected to double over the next few years in the Middle East. PwC estimates that AI will contribute $320 billion to the region and more than $15 trillion to the global economy by 2030. AI has the power to address some of today’s most pressing challenges, including reducing fraud while helping more people access financial services.
„At Mastercard we are using generative AI for many purposes, including through synthetic transaction data to supercharge fraud detection and boost approval rates. Our center in Dubai will help us develop these new and groundbreaking use cases, and with this knowledge we plan to establish additional Advanced AI Centers across the globe, to drive continued innovation.” Mastercard added.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
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