UAE Government and Mastercard Join Forces to Drive AI Adoption and Fight Financial Crime
Key Takeaways:
- The UAE government has partnered with Mastercard to establish a global center for advanced AI and cyber technology in Dubai, aiming to accelerate AI adoption, fight financial crime, and enhance digital security.
- The collaboration underscores the growing importance of AI in addressing critical challenges, such as fraud prevention and expanding access to financial services.
- Mastercard’s Dubai center will serve as a hub for nurturing local AI talent and fostering global AI innovation, while protecting over 125 billion transactions from fraud annually.
- The partnership reinforces trust in the digital ecosystem, as AI plays a vital role in improving digital experiences, reducing financial fraud, and minimizing risks.
- The UAE’s commitment to AI innovation and technology showcases its dedication to staying at the forefront of the global AI revolution, enhancing both regional and global economic prospects.
In a significant stride toward technological advancement and the fight against financial crime, the United Arab Emirates (UAE) government has forged a strategic partnership with global payment giant Mastercard. The collaboration aims to accelerate the adoption of Artificial Intelligence (AI) in the region while bolstering defenses against fraudulent activities.
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According to a press release from Mastercard, the company has established a cutting-edge global center for advanced AI and cyber technology in Dubai. This center’s initial focus will be dedicated to combating financial crime, securing the digital landscape, and fostering inclusive growth within the UAE.
This joint initiative comes at a time when governments worldwide are actively considering ways to accelerate AI development and enhance funding efforts within their borders. The UAE’s AI, Digital Economy, and Remote Work Applications Office have joined forces with Mastercard, signing a Memorandum of Understanding (MoU) with the aim of increasing national AI readiness.
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The Middle East is currently witnessing a profound technological transformation, with PricewaterhouseCoopers (PwC) estimating that AI will contribute a staggering $320 billion to the region and more than $15 trillion to the global economy by 2030. AI, with its vast potential, stands poised to address a range of challenges, including fraud prevention and the broadening of financial services accessibility.
AI Adoption to develop AI-driven solutions to combat financial crime
Mastercard’s Dubai-based center will concentrate on developing AI-driven solutions to combat financial crime, bolstering the digital ecosystem’s security, and driving inclusive growth. In addition, the center will serve as a hub for nurturing and recruiting local AI talent, including data engineers and data scientists. Its mission is to accelerate AI innovation on a global scale and serve customers worldwide from the UAE.
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This new establishment in Dubai marks the latest in a series of investments that Mastercard has made in advanced AI, with existing centers in the United States, Canada, and India. Mastercard has already achieved considerable success in employing AI to enhance cybersecurity and improve user experiences. By deploying a sophisticated AI engine, the company claims to prevent more than 125 billion fraudulent transactions annually, all at an impressive speed and scale.
“A critical role in our operations, powering our products and fueling our network intelligence to improve digital experiences, while reducing financial fraud and risk,” stated Ajay Bhalla, President of Cyber & Intelligence at Mastercard. “The combination of this latest Advanced AI Center and our partnership with the Government of the UAE will deliver greater value for our customers and ultimately reinforce trust in the digital ecosystem.”
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Mastercard: Master of AI-powered cybersecurity solutions
Mastercard has a long-standing history of utilizing AI capabilities worldwide, spanning the past decade. Notably, its AI-powered cybersecurity solutions have successfully prevented more than $35 billion in fraud losses in the last three years. The company works closely with nine banks, including renowned institutions such as Lloyds Bank, Halifax, and Monzo, to predict and prevent various types of payment scams. By leveraging large-scale payment data, it identifies real-time payment scams before they deplete a victim’s account.
The collaboration between the UAE government and Mastercard represents a significant leap forward in AI adoption and financial security, positioning the region to benefit from the vast potential of AI while ensuring a safer and more secure digital environment for all. As the AI revolution continues to gather momentum, the UAE’s commitment to fostering innovation and technology is set to leave a lasting mark on the global stage.
