The UAE Central Bank’s Emirates Institute of Finance (EIF) has partnered with HSBC Bank, Al Maryah Community Bank and technology firms Presight and Core42 to explore artificial intelligence applications in financial services, the central bank said.
The collaboration aims to enhance operational efficiency, strengthen cybersecurity and improve customer experience through both traditional and generative AI technologies, according to a memorandum of understanding signed at the EIF Innovation Hub in Dubai.
Central Bank Governor Khaled Mohamed Balama witnessed the signing ceremony, which brought together senior representatives from the financial, banking and technology sectors.
The initiative will involve knowledge exchange sessions, joint research and controlled pilots to assess AI use cases across various banking areas, with emphasis on responsible and ethical AI adoption.
“This initiative marks a strategic step that reflects the vision of the UAE’s wise leadership,” said Saif Humaid Al Dhaheri, Assistant Governor of Banking Operations at the central bank and EIF Vice Chairman.
The partnership reflects the UAE’s push to accelerate digital transformation and support cutting-edge AI technologies in its financial sector.
Mohamed Al Marzooqi, CEO of HSBC Bank Middle East’s UAE operations, said the collaboration would tap into “AI’s incredible potential to deliver meaningful impact” by creating solutions that simplify banking for customers.
The UAE has positioned itself as a regional hub for AI development and deployment across critical sectors, with the government announcing ambitious plans to become a global leader in artificial intelligence adoption.