The Middle
East is taking the next steps to shift its economy from an oil-dependent to an
innovative and digital one. The United Arab Emirates (UAE) and Mastercard have
inked a Memorandum of Understanding to accelerate the development and adoption
of artificial intelligence (AI) in the region.

The
partnership will focus on enhancing digital security, combating financial crime,
and promoting inclusive growth, marking a significant step in the UAE’s journey
towards becoming a global hub for AI.

Mastercard
recently unveiled its Global Center for Advanced AI and Cyber Technology in
Dubai, which will work in tandem with the UAE government to develop AI-powered
solutions. The center aims not only to secure the digital ecosystem but also to
nurture local talent in AI. Ajay Bhalla, the President of Cyber &
Intelligence at Mastercard, stated that the center would “deliver greater
value for our customers and reinforce trust in the digital ecosystem.”

The
collaboration between the UAE government and Mastercard is part of a broader
effort to position the UAE as a leader in AI technology. Omar Sultan Al Olama,
the UAE’s Minister of State for Artificial Intelligence, Digital Economy, and
Remote Work Applications, highlighted the importance of such strategic
partnerships with the private sector and international companies.

The
partnership is expected to have a ripple effect across the Middle East, a
region already experiencing a surge in digital transformation investments.
According to reports from IDC and PwC, AI could contribute as much as $320
billion to the Middle East and over $15 trillion to the global economy by 2030.

Dimitrios
Dosis, the President of Eastern Europe, Middle East, and Africa at Mastercard,
emphasized that the collaboration is “actively supporting the National
Artificial Intelligence Strategy 2031.”

UAE is
increasingly moving towards a digital economy. For example, clear
cryptocurrency regulations have led to increasing international exchanges and
digital asset platforms relocating to the country, including Binance, which has
faced regulatory issues in the United States. Local economic awareness is also
significantly increasing, and the number of retail traders reached record
levels in 2023
.

Mastercard Opens New AI
Center

Mastercard
has a history of investing in advanced AI, with existing US, Canada, and India
centers. The company has successfully leveraged AI to enhance cybersecurity and
user experiences, protecting more than 125 billion transactions annually. The
new center in Dubai aims to explore use cases for AI, including generative AI,
which has the potential to transform customer experiences and reshape
industries.

“At
Mastercard we are using generative AI for many purposes, including through
synthetic transaction data to supercharge fraud detection and boost approval
rates,” Mastercard commented in the official press release.

The
partnership between the UAE and Mastercard signifies an important moment in advancing
AI technology in the UAE and the broader Middle East region. It aligns with the
UAE’s strategic vision for AI, as outlined in their Artificial Intelligence
Strategy 2031, and sets the stage for future collaborations that could change
the digital landscape.

In a
noteworthy development impacting both the cryptocurrency sector and
conventional financial markets, MasterCard and Binance have chosen to terminate
their collaboration on cryptocurrency card initiatives in multiple nations.

The Middle
East is taking the next steps to shift its economy from an oil-dependent to an
innovative and digital one. The United Arab Emirates (UAE) and Mastercard have
inked a Memorandum of Understanding to accelerate the development and adoption
of artificial intelligence (AI) in the region.

The
partnership will focus on enhancing digital security, combating financial crime,
and promoting inclusive growth, marking a significant step in the UAE’s journey
towards becoming a global hub for AI.

Mastercard
recently unveiled its Global Center for Advanced AI and Cyber Technology in
Dubai, which will work in tandem with the UAE government to develop AI-powered
solutions. The center aims not only to secure the digital ecosystem but also to
nurture local talent in AI. Ajay Bhalla, the President of Cyber &
Intelligence at Mastercard, stated that the center would “deliver greater
value for our customers and reinforce trust in the digital ecosystem.”

The
collaboration between the UAE government and Mastercard is part of a broader
effort to position the UAE as a leader in AI technology. Omar Sultan Al Olama,
the UAE’s Minister of State for Artificial Intelligence, Digital Economy, and
Remote Work Applications, highlighted the importance of such strategic
partnerships with the private sector and international companies.

The
partnership is expected to have a ripple effect across the Middle East, a
region already experiencing a surge in digital transformation investments.
According to reports from IDC and PwC, AI could contribute as much as $320
billion to the Middle East and over $15 trillion to the global economy by 2030.

Dimitrios
Dosis, the President of Eastern Europe, Middle East, and Africa at Mastercard,
emphasized that the collaboration is “actively supporting the National
Artificial Intelligence Strategy 2031.”

UAE is
increasingly moving towards a digital economy. For example, clear
cryptocurrency regulations have led to increasing international exchanges and
digital asset platforms relocating to the country, including Binance, which has
faced regulatory issues in the United States. Local economic awareness is also
significantly increasing, and the number of retail traders reached record
levels in 2023
.

Mastercard Opens New AI
Center

Mastercard
has a history of investing in advanced AI, with existing US, Canada, and India
centers. The company has successfully leveraged AI to enhance cybersecurity and
user experiences, protecting more than 125 billion transactions annually. The
new center in Dubai aims to explore use cases for AI, including generative AI,
which has the potential to transform customer experiences and reshape
industries.

“At
Mastercard we are using generative AI for many purposes, including through
synthetic transaction data to supercharge fraud detection and boost approval
rates,” Mastercard commented in the official press release.

The
partnership between the UAE and Mastercard signifies an important moment in advancing
AI technology in the UAE and the broader Middle East region. It aligns with the
UAE’s strategic vision for AI, as outlined in their Artificial Intelligence
Strategy 2031, and sets the stage for future collaborations that could change
the digital landscape.

In a
noteworthy development impacting both the cryptocurrency sector and
conventional financial markets, MasterCard and Binance have chosen to terminate
their collaboration on cryptocurrency card initiatives in multiple nations.

Source: https://www.financemagnates.com//fintech/from-digital-coins-to-digital-minds-uae-wants-to-become-global-ai-hub/