UAE finance institute partners to explore banking use cases
EIF partners with HSBC, Al Maryah Community Bank, Core42 & Presight
#UAE #banking - The Innovation Hub of UAE Central Bank-backed Emirates Institute of Finance (EIF) has launched an artificial intelligence initiative to explore AI use cases for the financial services sector. Dubai-based innovation hub signed memoranda of understanding with HSBC, Al Maryah Community Bank, and G42 group companies Presight and Core42. The new initiative plans to develop practical AI use cases through knowledge exchange, joint research, and controlled pilots focusing on operational efficiency, cybersecurity enhancement, and elevated customer experience, whilst emphasising responsible and ethical AI.
SO WHAT? - The new collaboration is one of a number of UAE central bank initiatives to leverage AI across the country’s banking system and further develop national digital banking infrastructure. Last month CBUAE (Central Bank of the United Arab Emirates) and Presight announced a joint venture to develop and maintain critical financial market infrastructures including Central Bank Digital Currency systems, the Instant Payments Platform Aani, Domestic Card Scheme Jaywan, and Open Finance platform Nebras. CBUAE aims to position the Emirates among the world's top fully-digitised financial ecosystems.
Here are some key details concerning the initiative:
The Innovation Hub of UAE Central Bank-backed Emirates Institute of Finance (EIF) has launched a joint artificial intelligence initiative to explore AI use cases for the financial services sector
The collaboration includes global banking giant HSBC Bank, UAE community bank Al Maryah, G42 subsidiary Core42 providing sovereign cloud infrastructure, and ADX-listed G42 company Presight delivering big data analytics capabilities for comprehensive financial sector AI exploration.
The initiative seeks to identify practical applications that may include accelerating deposit growth, reactivating dormant accounts, automating document processing, enhancing credit risk assessment, and powering sandbox-based pilots for next-generation financial services.
The initiative aims to drive knowledge exchange, joint research, and controlled pilots across various banking areas with strong focus on responsible AI adoption and open dialogue between financial institutions and technology partners.
ZOOM OUT - The UAE Central Bank has many digitisation projects that are expected to support the launch the Digital Dirham planned by the end of 2025, the country’s CBDC (Central Bank Digital Currency) platform. HSBC’s involvement in the EIF initiative could be significant, given that the bank is already involved in CBDC initiatives globally, such as the current pilot services in Hong Kong. Both the global bank and CBUAE are also members of the CBDC mBridge international fund transfer project. So, many of the CBUAE digital transformation projects could be considered, in part, to be preparation for the introduction of the Digital Dirham.
[Written and edited with the assistance of AI]