UAE AI Office & Mastercard sign MoU to battle financial crime

By Arya M Nair, Official Reporter
  • Follow author on
Mastercard_UAE AI Office partnership
Rep.Image (Courtesy: Mastercard)

The UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office and Mastercard have signed a Memorandum of Understanding (MoU) to increase AI 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.

H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications emphasized the UAE government’s dedicated efforts towards strategic collaborations with the private sector and leading international companies. These collaborations have been recognized as pivotal catalysts for expediting the adoption of Artificial Intelligence, a crucial component of the nation’s journey toward digital advancement and prosperity.

His Excellency pointed out the significance of bilateral cooperation. He emphasized the importance of realizing the aspirations outlined in the UAE Strategy for Artificial Intelligence 2031. This strategy aims to consolidate the UAE’s position as a leading hub for Artificial Intelligence. Concurrently, it seeks to foster the development of comprehensive technology-driven frameworks within priority sectors.

Furthermore, His Excellency praised Mastercard’s efforts in adopting AI, as well as their inauguration of a global center dedicated to Artificial Intelligence and advanced technology within the UAE.

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.

Mr. Ajay Bhalla_Mastercard_UAE AI Office partnership
Mr. Ajay Bhalla
Cyber & Intelligence

“AI plays a critical role in our operations, powering our products and fuelling 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.

“The UAE is a global leader in developing innovative technologies to foster economic growth and drive digital transformation. For more than 35 years, Mastercard has been investing in the UAE to harness the power of technology for the good of the nation. By embracing the power of AI through this new partnership, we are ushering in the next generation of transformative technology, and actively supporting the National Artificial Intelligence Strategy 2031,” said Mr. Dimitrios Dosis, president, of Eastern Europe, Middle East and Africa, Mastercard.

Related News | Mastercard in partnership with One Global launches Click to Pay in Kuwait