Purchase-headquartered Mastercard (NYSE:MA) has signed a Memorandum of Understanding with the government of the United Arab Emirates (UAE) to increase artificial intelligence capabilities and readiness in the region.
An initial focus of this new endeavor will concentrate on fighting financial crime, securing the digital ecosystem, and driving inclusive growth in the UAE and beyond. Omar Sultan Al Olama, the UAE”™s minister of state for artificial intelligence, digital economy and remote work applications, stated the new pact with Mastercard fits into his country”™s Strategy for Artificial Intelligence 2031, which seeks to make the UAE a global hub for artificial intelligence research and development.
The signing of this partnership coincides with Mastercard”™s opening of its latest global Center for Advanced AI and Cyber Technology in Dubai, which is designed to support UAE-based talent including data engineers and data scientists.
“AI plays a critical role in our operations, powering our products and fueling our network intelligence to improve digital experiences while reducing financial fraud and risk,” said Ajay Bhalla, president for cyber and intelligence at Mastercard. “The combination of this latest Advanced AI Center and our partnership with the government of the UAE will deliver greater value for our customers and ultimately reinforce trust in the digital ecosystem.”
Photo courtesy of Mastercard
