×

Subscribe

Sep 05, 2023 644

Mastercard opens Global Centre for Advanced AI and Cyber Technology in Dubai

#Fintech

Also signs up with UAE’s Artificial intelligence, Digital Economy and Remote Work Applications Office to drive AI and battle financial crimes

Mastercard has unveiled its state-of-the-art Centre for Advanced AI and Cyber Technology in Dubai, marking a significant step in its efforts to bolster artificial intelligence (AI) capabilities and readiness. In partnership with the UAE’s Artificial Intelligence, Digital Economy, and Remote Work Applications Office, the company is advancing AI technology.

This Centre in Dubai is the latest addition to Mastercard's growing network of Advanced AI centers, with existing ones in the US, Canada, and India.

Mastercard has harnessed AI to great success in enhancing cybersecurity and improving user experiences. Leveraging a sophisticated AI engine, the company effectively safeguards over 125 billion transactions annually against fraudulent activities, showcasing its ability to combat fraud at scale and speed.

Beyond combating financial crime, this new Centre will concentrate on enhancing digital ecosystem security and promoting inclusive growth. It will also serve as a focal point for nurturing and hiring local AI talent, encompassing data engineers and data scientists.

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, emphasized the UAE government’s commitment to strategic collaborations with the private sector and leading global enterprises. He noted these collaborations play a pivotal role in expediting AI adoption and commended Mastercard's AI endeavors and the establishment of the new global AI and advanced technology center in the UAE.

Ajay Bhalla, President, Cyber and Intelligence at Mastercard, highlighted AI's critical role in powering the company's operations, improving digital experiences, reducing financial fraud, and managing risks. The newly inaugurated Advanced AI Centre, in conjunction with its collaboration with the UAE government, aims to deliver enhanced value to customers and reinforce trust in the digital ecosystem.

Mastercard's Centre will provide support for a newly established Innovation Hub in Dubai, facilitating collaboration between governments and businesses in the region to promote ongoing digital transformation.

Dimitrios Dosis, President, Eastern Europe, Middle East, and Africa, Mastercard, emphasized the UAE's leadership in innovative emerging technologies for economic growth and digital transformation. The investment in AI aligns with the National Artificial Intelligence Strategy 2031, underlining Mastercard's commitment to advancing transformative technology.

AI holds the potential to address contemporary challenges, from combating fraud to broadening access to financial services. The Middle East is expected to see a doubling of investments in digital transformation, with AI contributing significantly to the region's economic growth. PwC estimates that AI will contribute $320 billion to the Middle East and over $15 trillion to the global economy by 2030, further underlining the significance of Mastercard's AI initiatives.