Mastercard and the UAE Government Join Hands to Drive AI Innovation
In an exciting partnership aimed at propelling artificial intelligence (AI) into the forefront of the United Arab Emirates (UAE), Mastercard has joined forces with the UAE government. This collaboration coincides with the inauguration of Mastercard’s Centre for Advanced AI and Cyber Technology in the vibrant city of Dubai, marking a significant stride in the region’s AI landscape.
The primary mission of this new centre is to craft AI-powered tools, focusing on thwarting financial crimes, bolstering digital security, and nurturing an inclusive digital environment. Furthermore, it will serve as a nurturing ground for local AI talents, reinforcing the UAE’s stature as a burgeoning technology hub.
Ajay Bhalla, President of Cyber and Intelligence at Mastercard, shed light on AI’s central role in their operations. It powers their products, enhances network intelligence, and, most importantly, fortifies the digital landscape against fraud and risks. This collaboration, Bhalla underscored, would not only enhance customer value but also strengthen trust in the digital realm.
Omar Al Olama, the UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, emphasized the need for robust AI oversight. Drawing a parallel to the stringent regulation applied to weapons-grade uranium, Al Olama highlighted the UAE’s commitment to responsible AI governance.
The newly established Centre for Advanced AI and Cyber Technology in Dubai is poised to transform the UAE into a dynamic AI technology hub. It is set to combat cybercrime, stimulate growth, and attract local AI enthusiasts, aligning seamlessly with the UAE Strategy for Artificial Intelligence 2031.
Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa at Mastercard, lauded the UAE’s pioneering role in forging innovative technologies for economic prosperity and digital metamorphosis. He pointed to Mastercard’s extensive history of investments in the UAE as a testament to their unwavering dedication to harnessing technology for the nation’s betterment.
Mastercard’s commitment to expanding its footprint in the UAE is further underscored by its partnership with UAE fintech Qashio, which aims to introduce corporate credit cards with virtual issuance capabilities across the region.
As the Middle East undergoes a whirlwind of technological transformation, AI investments are projected to double, and AI’s economic impact is poised to soar. AI is poised to address contemporary challenges, such as fraud reduction and improved access to financial services for a broader population.
Mastercard’s Centre in Dubai is the latest gem in its crown of Advanced AI centres around the world, a testament to the company’s dedication to AI-driven innovation. This Centre is set to catalyze novel AI applications, with a particular focus on enhancing cybersecurity and redefining customer experiences.
In summary, Mastercard’s partnership with the UAE government, coupled with the inauguration of the Centre for Advanced AI and Cyber Technology in Dubai, marks an epochal moment in the UAE’s AI journey. As AI continues to shape the future, these strategic initiatives position the UAE as a trailblazing force in AI innovation and governance, with profound implications for the region’s technological advancement and global influence.
