Mastercard and the UAE government have joined forces to create a powerhouse that will boost the Middle East’s AI and cybersecurity called the Center for Advanced AI and Cyber Technology.
Utilizing AI in Fintech
AI is still admittedly young technology, and finance is one area where it hasn’t found its role. More specifically, fraud and digital security. But that’s not all – they’re also committed to driving inclusive growth that benefits everyone.
What’s in it for the UAE? One of Dubai’s goals is to become a global AI tech leader by 2030. To make this all happen, Mastercard and UAE’s AI, Digital Economy, and Remote Work Applications office have signed a Memorandum of Understanding that supports AI development and innovation in various sectors.
Dubai is now going to be home to Mastercard’s AI hub, joining the ranks of its other centres in the US, Canada, and India.
Currently, its AI engine protects more than 125 billion transactions from fraud every year, and the work that this centre will do should further increase that.
UAE Government Support
This effort is getting approval from H.E. Omar Sultan Al Olama, the Minister of State for AI, Digital Economy, and Remote Work Applications. This level of trust from Mastercard to UAE’s AI strategy is something that he appreciates.
Ajay Bhalla, President at Mastercard, believes that this advanced AI hub and its partnership with the UAE government will “deliver greater value” for their customers and reinforce trust in a digital ecosystem.
According to IDC, the Middle East is poised to reap the rewards of the AI revolution as investments should double over the next few years.
A recent report from PwC, a well-known consultancy, forecasts that AI will contribute around $320 billion to the region’s economy by 2030.
So, there you have it – Mastercard and the UAE are collaborating to bring AI and cybersecurity to the forefront, with Dubai as the backdrop.
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