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The United Arab Emirates Office of Artificial Intelligence, Digital Economy and Remote Work Applications and Mastercard today signed a Memorandum of Understanding to increase artificial intelligence (AI) capabilities and readiness in the region. The initial effort will be dedicated to fighting financial crime, securing the digital ecosystem and promoting inclusive growth in the UAE and beyond.
Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, highlighted the UAE Government’s dedicated efforts towards strategic collaborations with the private sector and major international companies. These collaborations have been recognized as key catalysts for accelerating the adoption of artificial intelligence, a crucial part of the country’s journey to digital progress and prosperity.
He stressed the importance of bilateral cooperation. He underscored the importance of realizing the aspirations outlined in the UAE Strategy for Artificial Intelligence 2031. This strategy aims to solidify the position of the UAE as a leading hub for artificial intelligence. . At the same time, it seeks to foster the development of comprehensive technology-focused frameworks within priority sectors.
In addition, His Excellency commended Mastercard’s efforts to embrace AI, as well as the inauguration of a global center dedicated to artificial intelligence and advanced technologies within the United Arab Emirates.
Invest in improved innovation
The signing of this partnership comes as Mastercard unveiled its latest global center for advanced AI and cybertechnology in Dubai. In addition to developing AI-based 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 nurture and hire local AI talent, including engineers and data scientists, with a mission to accelerate AI innovation globally and serve customers around the world from the United Arab Emirates.
“AI plays a critical role in our operations, powering our products and fueling our network intelligence to improve digital experiences, while reducing fraud and financial risk,” said Ajay Bhalla, President of Cyber & Intelligence at MasterCard. “The combination of this latest Advanced AI Center and our partnership with the UAE Government will deliver greater value to our customers and ultimately build 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 across the region will collaborate on new efforts to support continued digital transformation.
“The United Arab Emirates is a global leader in developing innovative technologies to drive economic growth and drive digital transformation. For more than 35 years, Mastercard has invested in the United Arab Emirates 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 technologies and actively supporting the National Artificial Intelligence Strategy 2031,” said Dimitrios Dosis, President, Eastern Europe, Middle- East and Africa, Mastercard.
The Middle East is experiencing rapid technological change. 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 bring $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 today, including reducing fraud while helping more people access financial services.
Heritage of AI innovation
This Dubai center is the latest in a series of investments Mastercard has made in advanced AI, with existing centers in the United States, Canada and India. To date, Mastercard has used AI more meaningfully and effectively in its efforts to improve cybersecurity and user experience. By applying a sophisticated AI engine, Mastercard protects more than 125 billion transactions against fraud each year, quickly and at scale.
However, today we stand on the brink of a transformative new technological leap, fueled by the accessibility of generative AI. With its ability to create new content and predict a whole host of next steps, it has the potential to transform the customer experience, enable personalized interactions and reshape industries.
At Mastercard, we use generative AI for many purposes, including through synthetic transaction data to strengthen fraud detection and increase approval rates. Our center in Dubai will help us develop these revolutionary new use cases, and with this knowledge, we plan to create other advanced AI centers around the world, to drive continued innovation.
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