The Ministry of Finance has been awarded the “Innovation for Impact” prize in the category of Artificial Intelligence applications in the financial sector at the “AI for Good Global Summit,” organized by the International Telecommunication Union in partnership with UN agencies, held at the International Exhibition and Conference Center “Palexpo” in Geneva.
This accolade recognizes the outstanding efforts of the UAE, represented by the Ministry of Finance, in leveraging AI technologies for fraud detection, risk assessment, algorithmic trading, and customer service, which enhances the efficiency of financial systems and supports the achievement of sustainable development goals.
His Excellency Mohammed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, expressed that the ministry’s receipt of this award exemplifies the proactive vision of the UAE leadership in utilizing advanced technologies, particularly artificial intelligence, to enhance government operations and bolster leadership in vital sectors, including finance.
He noted that the ministry has adopted an institutional approach to innovation, focusing on sustainable digital transformation, and has invested in building a flexible and comprehensive technological infrastructure capable of responding to evolving challenges and adding value to public financial management. This recognition serves as a testament to the success of their efforts in integrating AI tools into risk management strategies, operational efficiency, and financial transparency.
Moreover, he emphasized that this award serves as an additional motivation to continue the development of a balanced governmental financial system that relies on data and innovation, aligning with the nation’s ambitions for the next fifty years. The ministry aims to deepen partnerships with regional and international entities to exchange knowledge and experiences in support of sustainable development goals, establishing the UAE as a global model for smart governance.
Younis Haji Khoory, Undersecretary of the Ministry of Finance, stated during the award acceptance speech that this achievement reflects the UAE’s commitment to enhancing its leadership in AI utilization, contributing to the development of a pioneering governmental financial system that supports sustainable development initiatives.