The UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office and Mastercard today signed a memorandum of understanding (MoU) to enhance artificial intelligence (AI) capabilities and readiness in the region.

With AI playing an increasingly transformative role in society, the initial focus of the partnership will be dedicated to fighting financial crime, securing the digital ecosystem and promoting inclusive growth in the UAE and beyond.

Omar bin Sultan Al Olamah, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, stressed the UAE government’s dedicated efforts towards strategic cooperation with the private sector and leading international companies.

These collaborations have been recognized as important catalysts to accelerate the adoption of artificial intelligence, a critical component of the country’s journey towards digital advancement and prosperity.

Al Olama stressed the importance of bilateral cooperation, underscoring the importance of realizing the aspirations outlined in the UAE Strategy for Artificial Intelligence 2031. The strategy aims to strengthen the UAE’s position as a leading center for Artificial Intelligence.

Concurrently, it seeks to promote the development of a comprehensive technology-driven framework within priority areas.

Furthermore, he commended Mastercard’s efforts in driving the adoption of artificial intelligence, as well as the opening 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. Apart from developing AI-powered solutions to fight financial crime, the center will focus on securing the digital ecosystem and promoting inclusive growth.

It will also serve as a hub to accelerate AI innovation globally and nurture and hire local AI talent, including data engineers and data scientists, from the UAE to serve customers around the world.

Ajay Bhalla, President, Cyber ​​and Intelligence, Mastercard, said, “AI plays a critical role in our operations, powering our products and leveraging our network intelligence to improve digital experiences while reducing financial fraud and risk. The combination of this latest advanced AI center and our partnership with the UAE government will deliver greater value for our customers and ultimately strengthen 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 continued digital transformation.

Dimitrios Dosis, President, Eastern Europe, Middle East and Africa, Mastercard, said, “The UAE is a global leader in developing innovative emerging technologies to drive 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.”

The Middle East is undergoing rapid technological change. According to the International Data Corporation (IDC), investment in digital transformation is expected to double in the Middle East over the next few years.

PwC estimates that by 2030, AI will contribute US$320 billion to this sector and more than US$15 trillion to the global economy. AI has the power to solve some of today’s most pressing challenges, including reducing fraud and helping more people access financial services.

The center in Dubai is the latest in a series of investments by Mastercard in advanced AI, with existing centers in the US, Canada and India.

To date, Mastercard has used AI most significantly and successfully in its efforts to enhance cyber security and user experiences. Using a sophisticated AI engine, Mastercard protects over 125 billion transactions every year from fraud at speed and scale.

(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content was auto-generated from a syndicated feed.)

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