Mastercard partners with UAE govt to boost AI adoption in the region

The UAE's Office for Artificial Intelligence, Digital Economy and Remote Work Applications and MasterCardhave signed a memorandum of understanding (MoU) to boost the region's artificial intelligence (AI) capabilities and readiness.

The partnership follows the opening of Mastercard's latest hub for advanced artificial intelligence and cybertechnology in Dubai.

The Dubai centre is the latest in Mastercard's series of investments in advanced AI, with existing centres in the US, Canada, and India.

The centre will act as a hub for training and hiring local AI talent, developing AI-powered financial crime prevention tools and focusing on "securing the digital ecosystem and promoting inclusive growth", according to a statement shared on Zawya.

Omar bin Sultan Al-Olama, Minister of State, AI, Digital Economy, and Telework, underlined the commitment of the UAE to strategic partnerships with the private sector and leading international corporations, as per the statement.

The Minister of State for AI, digital economy, and telework also highlighted bilateral cooperation and UAE Strategy for Artificial Intelligence 2031, aiming to strengthen the UAE's AI hub and develop technology-driven frameworks.

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Mastercard's new Dubai centre will also support a new innovation hub. As part of this programme, governments and businesses from across the region will collaborate on new initiatives in support of the ongoing digital transformation.

According to PwC, AI is expected to contribute $320 billion to the region and more than $15 trillion to the global economy by 2030, addressing pressing challenges such as fraud reduction and access to financial services.