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MasterCard to accelerate AI and cyber technology in Dubai

By Delisha Fernandes

August 24, 2023

  • Artificial Intelligence
  • cyber technology
  • Digital Economy
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Mastercard, UAE government, artificial intelligence, cyber technology, Digital Economy, digital ecosystem, financial crime, FinTech news, FinTech UAEThe UAE’s Artificial intelligence, Digital Economy, and Remote Work Applications Office and Mastercard have signed a Memorandum of Understanding (MoU) to increase AI capabilities and readiness in the region.

This partnership aims to combat financial crime, secure the digital ecosystem, and drive inclusive growth in the UAE.

H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, said, “The UAE government’s dedicated efforts towards strategic collaborations with the private sector and leading international companies. These collaborations have been recognized as pivotal catalysts for expediting the adoption of artificial intelligence, a crucial component of the nation’s journey towards digital advancement and prosperity.”

The signing of this partnership comes as Mastercard launched its latest global centre for advanced AI and Cyber Technology in Dubai. In addition to developing AI-powered solutions to fight financial crime, the centre will focus on securing the digital ecosystem and driving inclusive growth.

“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,” said Ajay Bhalla, president of cyber and 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 leverages generative AI for many purposes, including synthetic transaction data, to detect fraud and boost approval rates. The centre in Dubai will help the company to develop these new and ground-breaking use cases. With this knowledge, the company plans to establish additional advanced AI centres across the globe to drive continued innovation.

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