The UAE’s Artificial Intelligence, Digital Economy, and Remote Work Applications office has signed a MoU with Mastercard to increase AI capabilities and readiness in the region.
An initial focus of the partnership will be dedicated to battling financial crime, securing the digital ecosystem, and driving inclusive growth in the UAE and beyond.
The UAE government is committed to strategic partnerships with private sectors and global corporations, which it sees as crucial in accelerating the integration of Artificial Intelligence (AI) in the nation's digital progress. These collaborations are recognised as essential drivers for embracing AI, a key element in the UAE's journey towards growth and technological advancement. The government’s officials stressed the importance of mutual cooperation and the need to achieve the goals set in the UAE Strategy for Artificial Intelligence 2031. This strategy aims to solidify the UAE's position as a prominent AI hub and promote technology-driven frameworks in priority sectors.
The signing of this partnership comes as Mastercard unveiled its latest global Centre for Advanced AI and Cyber Technology in Dubai. In addition to developing AI-powered solutions to fight financial crime, the Centre 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.
Commenting on this development, representatives from Mastercard said that AI plays a critical role in their operations, powering their products and fuelling their network intelligence to improve digital experiences, while reducing financial fraud and risk. The combination of this Advanced AI Centre and their partnership with the Government of the UAE will deliver greater value for customers and ultimately reinforce trust in the digital ecosystem.
Mastercard's new centre – drawing on the company’s technical knowledge and expertise – will support a new Innovation Hub in the Emirate of Dubai. Under this programme, governments and businesses from across the region will collaborate on new efforts to support the continued digital transformation.
A swift technological transformation is underway in the Middle East. IDC predicts that investments in digital transformation will double in the region in the future. PwC anticipates that by 2030, AI will have a USD 320 billion impact on the Middle East's economy and contribute over USD 15 trillion to the global economy. AI possesses the capability to tackle contemporary challenges, such as diminishing fraud and increasing access to financial services for a larger population.
This Centre in Dubai is one of the latest in a series of investments Mastercard has made in Advanced AI, with existing centres in the US, Canada, and India. To date, Mastercard has made use of AI in its efforts to enhance cybersecurity and user experiences. By applying a sophisticated AI engine, Mastercard protects more than 125 billion transactions from fraud every year – at speed and scale, as per the press release.
Mastercard highlights the revolutionising leap in technology, driven by accessible generative AI. This AI's potential to create content and forecast sequences of actions could reshape customer experiences and industries. Mastercard already applies generative AI for diverse purposes like bolstering fraud detection and approval rates using synthetic transaction data. Their Dubai Centre's development of novel applications will inform the establishment of more Advanced AI Centres worldwide, fostering ongoing innovation.
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