Mastercard Collaborates with UAE Government to Enhance AI Adoption in the Region
- ByStartupStory | August 25, 2023
The Office for Artificial Intelligence, Digital Economy and Remote Work Applications of the UAE and MasterCard have entered into a memorandum of understanding (MoU) with the aim of advancing the artificial intelligence (AI) capabilities and readiness of the region. This partnership comes in the wake of the inauguration of Mastercard’s recent center for advanced artificial intelligence and cyber technology in Dubai. Adding to its existing centers in the US, Canada, and India, the Dubai hub is part of Mastercard’s ongoing investments in advanced AI. The center will function as a focal point for nurturing and employing local AI talent, developing AI-powered tools for preventing financial crimes, and concentrating on “ensuring the security of the digital ecosystem and fostering inclusive growth,” as stated on Zawya. Omar bin Sultan Al-Olama, Minister of State for AI, Digital Economy, and Telework, emphasized the UAE’s commitment to forming strategic alliances with private sectors and prominent international corporations, as mentioned in the statement. The Minister further highlighted bilateral cooperation and the UAE Strategy for Artificial Intelligence 2031, which aims to bolster the UAE’s AI hub and cultivate technology-driven frameworks.
Mastercard’s newly established Dubai center will also support a fresh innovation hub. Within this initiative, governments and businesses from the region will collaborate on novel projects that contribute to the ongoing digital transformation. According to PwC, AI is projected to contribute $320 billion to the region and over $15 trillion to the global economy by 2030, addressing crucial challenges such as fraud mitigation and enhancing access to financial services.
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