The Innovation Center at the UAE Financial Institute has launched a joint initiative to explore traditional and generative artificial intelligence applications within the financial services sector. This effort is in collaboration with HSBC Bank, Al-Mariah Local Bank, and two Emirati tech firms, Brisight and Core42.
During a signing ceremony held at the Innovation Center in Dubai, Khaled Mohammed Balama, Governor of the Central Bank of the UAE and Chairman of the UAE Financial Institute, welcomed various officials from financial, banking, and tech organizations present at the event.
The strategic partnership aims to investigate the potential of AI to create a secure and efficient banking environment by enhancing operational capabilities, improving cybersecurity measures, and elevating customer experience. This reflects the UAE’s ongoing commitment to accelerating digital transformation and supporting advanced AI technologies.
Significant Milestone
This initiative marks an important milestone in enhancing collaboration to explore practical use cases of AI in the financial sector. It includes knowledge-sharing sessions, joint research efforts, and established trials to assess various applications across multiple fields.
It primarily focuses on adopting and utilizing AI in responsible and ethical ways, fostering open dialogue among financial institutions and tech partners to develop scalable AI applications that will support the future of digital financial services in the UAE.
Advanced Framework
Saeed Hamid Al-Dhaheri, Assistant Governor of the Central Bank for Banking Operations and Support Services, and Vice Chairman of the UAE Financial Institute, stated that the launch of this initiative represents a strategic step and embodies the vision of the country’s leadership, along with future directions for the nation. It underscores efforts to enhance the financial sector and develop a globally advanced financial system based on innovation, knowledge, and emerging technologies.
He further emphasized that accelerating the responsible and safe adoption of AI technologies plays a crucial role in maintaining the right balance between digital advancement and financial stability, while also reinforcing the resilience of the country’s financial system amid rapid global shifts in fintech.
He added: “This initiative reaffirms the Central Bank’s commitment to enhancing the regulatory and technological environment that supports the integration of AI in financial services, and its strong dedication to fostering partnerships and integration with federal and local entities to sustain comprehensive and sustainable development, ensuring the country’s leadership and competitiveness on a global scale.”