Prime Highlights
- The UAE Central Bank has launched a project to bring artificial intelligence into banking and finance.
- The initiative is being led by the Emirates Institute of Finance (EIF) in partnership with HSBC, Al Maryah Community Bank, Presight, and Core42.
Key Facts
- The signing ceremony took place at the EIF Innovation Hub in Dubai, attended by Central Bank Governor Khaled Mohamed Balama along with senior banking and technology leaders.
- The project will focus on secure transactions, improved cybersecurity, risk management, and customer convenience.
Background
The UAE Central Bank has started a new project to use artificial intelligence (AI) in banking and finance. The plan is led by the Emirates Institute of Finance (EIF) and includes partners like HSBC Bank, Al Maryah Community Bank, Presight, and Core42. The signing ceremony was held in the EIF Innovation Hub in Dubai. The event was covered by many important bank people and technology giant people, including the Central Bank Governor, Khaled Mohamed Balama.
The project will look at how AI can make banking faster, safer, and easier for customers. It will also test how AI can improve cybersecurity and reduce risks. Both traditional AI and new generative AI tools will be studied. As part of the plan, the partners will hold training sessions, share knowledge, and run pilot projects to see how AI can be used in daily banking. A strong focus will be on using AI responsibly and ethically.
Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Vice Chairman of EIF, said this step supports the UAE’s vision for digital growth. “This is a strategic move that reflects the leadership’s vision for the future,” he said.
Mohamed Al Marzooqi, CEO of HSBC Bank Middle East in the UAE, said the partnership will use AI to make banking easier. “AI has great potential to create solutions that improve customer experience,” he noted.
The UAE has been working to become a global hub for AI. The government has already announced plans to use artificial intelligence in important sectors, and banking is a key focus. With this project, the future financial system of the Central Bank will be stronger and sharper.
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