Mastercard And The UAE Government Partner To Boost AI Capabilities
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Mastercard, one of the large card payment companies, has announced a partnership with the UAE government. The partnership seeks to boost Mastercard’s AI capabilities and development across the Middle East.
Mastercard partners with the UAE to boost AI capabilities
Besides partnering with the UK government, Mastercard has set up a global Centre for Advanced AI and Cyber Technology in Dubai. This new center will help Mastercard accelerate generative AI research.
The initiative comes when the UAE has emerged as a technology hub that supports digital transformation and AI technology. The region has made several efforts to boost its presence across the AI industry.
The UAE’s AI, Digital Economy, and Remote Work Applications office signed a Memorandum of Understanding with Mastercard. The deal seeks to boost the development of AI technology by targeting financial crimes, inclusive growth, and supporting the growth of the digital ecosystem.
One of the factors positioning the UAE to become a powerhouse for AI technology is the Centre in Dubai. This Centre seeks to fight cybercrime while supporting overall growth. The platform will also attract local talent in generative AI and technology, which will overall affect the industry’s growth.
The Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, H.E. Omar Sultan Al Olama, noted significant benefits to the collaborations that will see the UAE achieve its aspirations in the AI industry.
The UAE has a long-term plan for AI offerings, as seen in the UAE Strategy for Artificial Intelligence 2031. The event will focus on boosting AI capabilities across the UAE. The offering will also foster the adoption of new technologies across different industries.
AI offers multiple benefits
Mastercard has highlighted the benefits that AI brings to its operations. The president of cyber and intelligence at the card company, Ajay Bhalla, said that AI played a crucial role in the company’s operations. Bhalla said AI technology powered its products and promoted network intelligence to boost digital experiences.
The other benefit posed by AI technology is that it reduces financial fraud and risk. Launching the Advanced AI Center and working with the UAE government will see Mastercard improve customer offerings and promote trust in the digital space.
Mastercard also said it has positioned itself in the Middle East for over 35 years. The company has invested across the UAE to tap the power of technology. Moreover, the power of AI will also see the company support cutting-edge technological solutions while supporting the National Artificial Intelligence Strategy 2031.
Mastercard is also working to expand its operations across the UAE. The company recently partnered with a fintech firm in the UAE known as Qashio. The partnership revolved around launching corporate credit cards with visual issuance features. Once these cards launch, they will be available across the region.
