The UAE government has partnered with Mastercard to accelerate AI adoption in the region.
According to Mastercard’s press release, the company has established a global centre for advanced AI and cyber technology in Dubai, with an initial focus to be dedicated to battling financial crime, securing the digital ecosystem and driving inclusive growth in the UAE.
This decision comes as many governments are also considering AI acceleration and boosting funding efforts in their nations. The UAE’s AI, Digital Economy and Remote Work Applications Office and Mastercard have signed a Memorandum of Understanding (MoU) to increase national AI readiness.
Developing AI-powered solutions to fight financial crime
According to Mastercard, the Middle East is undergoing a huge technological shift, with PwC estimating that AI will contribute US$320bn to the region and more than US$15tn to the global economy by 2030.
AI has great potential to tackle issues such as fraud. A report conducted by Mandiant earlier in 2023 highlighted that generative AI technologies in particular could work to significantly impact malicious cyber activity.
AI has the power to address some of today’s most pressing challenges, including reducing fraud while helping more people access financial services.
Mastercard’s centre will focus on developing AI solutions to fight financial crime, as well as securing the digital ecosystem in Dubai and driving inclusive growth. It will also serve as a hub to nurture and hire local AI talent, including data engineers and data scientists, with a mission to accelerate AI innovation globally and service customers all around the world from the UAE.
The Dubai centre is the most recent investment that Mastercard has made in advanced AI, with existing centres in the US, Canada and India. To date, the company has made successful use of AI in its efforts to enhance cybersecurity and user experiences. By applying a sophisticated AI engine, Mastercard states that it protects more than 125 billion transactions from fraud every year at speed and scale.
“AI plays a critical role in our operations, powering our products and fuelling our network intelligence to improve digital experiences, while reducing financial fraud and risk,” says Ajay Bhalla, President of Cyber & Intelligence at Mastercard.
“The combination of this latest Advanced AI Centre and our partnership with the Government of the UAE will deliver greater value for our customers and ultimately reinforce trust in the digital ecosystem.”
Mastercard has also enacted its AI capabilities elsewhere in the world, having used these systems for the past decade. Its AI-powered cybersecurity solutions in particular have prevented more than US$35bn in fraud losses in the last three years.
The company helps predict and prevent payment to scams of all types, holding partnerships with nine banks including the likes of Lloyds Bank, Halifax and Monzo. It uses large-scale payments data to help identify real-time payment scams before funds leave a victim’s account.
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