UAE develops new platform for designing financial laws

By Shilpa Annie Joseph, Official Reporter
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UAE develops Rules as Code platform
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The UAE Ministry of Finance (MoF) and the Artificial Intelligence, Digital Economy, and Remote Work Applications Office, in cooperation with the Mohammed Bin Rashid Centre for Government Innovation (MBRCGI), announced the launch of a partnership to design a platform for adopting digital solutions in designing financial legislations and policies.

Transformational projects, based on disruptive innovations, aim to promote the UAE’s global leadership and position as an innovation hub, bring about positive change in the government work ecosystem, and promote the community’s overall well-being.

The ‘Rules as Code’ platform builds a nationwide digital infrastructure for developing AI-based laws and legislations, that will enhance the legislative ecosystem based on digital solutions and coding to help develop financial laws, legislations, and policies. The platform will further enable individuals to review and understand the developed laws, benefit from them in their businesses, and explore innovative ideas to enrich the legislations landscape in the UAE.

The strategic partnership to implement the transformational projects was signed by Mr. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Director General of the Prime Minister’s Office, and Mr. Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs.

On the other hand, the agreement was signed by Ms. Huda Al Hashimi, Deputy Minister of Cabinet Affairs for Strategic Affairs; Mr. Younis Haji Al Khoori, Undersecretary of the Ministry of Finance; and Mr. Saqr Bin Ghalib, Executive Director at the Artificial Intelligence, Digital Economy, and Remote Work Applications Office.

Mr. Al Hussaini said that, “Adopting emerging technology is no longer an option, but rather a necessity to enable the digital transformation of government services and achieving the strategic goals. To unlock the power of emerging technologies, it is imperative for government entities to share their expertise to help innovate products and services that would benefit the UAE society.”

“Transformational innovations help promote well-being at a time when disruptive technology is making exceptional leaps that change life and work patterns. This is all happening amid the emergence of new economic and business models shaped by the latest technology,” Mr. Al Hussaini further added.

According to the statement, the ‘Rules as Code’ platform, developed by the Ministry of Finance in collaboration with the Artificial Intelligence, Digital Economy, and Remote Work Applications Office, MBRCGI, and OpenFisca, utilizes digital solutions and coding to streamline the process of designing financial laws, legislation, and policies, thus enabling individuals to access and understand legislations and leverage them in their work.

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