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Mastercard collaborates with UAE government to accelerate AI adoption

The partnership will focus on combatting financial crime and ensuring the security of the digital ecosystem.

Mastercard collaborates with UAE government to accelerate AI adoption
[Source photo: Anvita Gupta/Fast Company Middle East]

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The UAE has consistently demonstrated its commitment to fulfilling the goals outlined in the UAE Strategy for Artificial Intelligence 2031. This strategy is focused on establishing the UAE as a prominent hub for artificial intelligence. The collaboration mentioned will play a significant role in advancing the UAE toward achieving this objective.

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

This partnership will concentrate on three principal areas: combating financial crime, ensuring the security of the digital ecosystem, and promoting inclusive growth within the UAE and beyond.

H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, emphasized the government’s commitment to forging strategic partnerships with the private sector and prominent global corporations. These collaborations accelerate the integration of Artificial Intelligence, contributing to the country’s progress in digital innovation and prosperity.

The minister underscored bilateral cooperation’s significance in achieving UAE’s AI strategy. He also commended Mastercard for its dedication to AI adoption and for establishing a global center in the UAE specifically focused on AI and advanced technologies.

“AI plays a critical role in our operations, powering our products and fuelling our network intelligence to improve digital experiences, while reducing financial fraud and risk,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “The combination of this latest Advanced AI Centre and our partnership with the Government of the UAE will deliver greater value for our customers and ultimately reinforce trust in the digital ecosystem.”

Mastercard’s recently launched center will prioritize activities such as safeguarding the digital ecosystem, fostering inclusive growth, and cultivating the recruitment and development of local AI talent, encompassing roles such as data engineers and data scientists.

“By embracing the power of AI through this new partnership, we are ushering in the next generation of transformative technology and actively supporting the National Artificial Intelligence Strategy 2031,” said Dimitrios Dosis, president, Eastern Europe, Middle East and Africa, Mastercard.

The Middle East is currently experiencing a significant technological shift. IDC anticipates that investments in digital transformation within the region will double in the coming years. As projected by PwC, AI is set to contribute $320 billion to the region and over $15 trillion to the global economy by 2030. The potential of AI extends to tackling urgent contemporary issues, including curbing fraud and enhancing financial inclusion.

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