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UAE Govt Teams Up with Mastercard for AI Adoption

The signing of this partnership comes as Mastercard unveiled its latest global Centre for Advanced AI and Cyber Technology in Dubai…reports Asian Lite News

The UAE’s Artificial intelligence, Digital Economy and Remote Work Applications Office and Mastercard today signed a Memorandum of Understanding to increase Artificial Intelligence (AI) capabilities and readiness in the region. An initial focus of the effort will be dedicated to battling financial crime, securing the digital ecosystem, and driving inclusive growth in the UAE and beyond.

H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications emphasized the UAE government’s dedicated efforts towards strategic collaborations with the private sector and leading international companies. These collaborations have been recognized as pivotal catalysts for expediting the adoption of Artificial Intelligence, a crucial component of the nation’s journey towards digital advancement and prosperity.

His Excellency pointed out the significance of bilateral cooperation. He emphasized the importance of realizing the aspirations outlined in the UAE Strategy for Artificial Intelligence 2031. This strategy aims to consolidate the UAE’s position as a leading hub for Artificial Intelligence. Concurrently, it seeks to foster the development of comprehensive technology-driven frameworks within priority sectors.

Furthermore, His Excellency praised Mastercard’s efforts in adopting AI, as well as their inauguration of a global center dedicated to Artificial Intelligence and advanced technology within the UAE.

Investing in Enhanced Innovation

The signing of this partnership comes as Mastercard unveiled its latest global Centre for Advanced AI and Cyber Technology in Dubai. In addition to developing AI-powered solutions to fight financial crime, the Centre will focus on securing the digital ecosystem and driving inclusive growth. It will also serve as a hub to nurture and hire local AI talent, including data engineers and data scientists, with a remit to accelerate AI innovation globally and service customers all around the world from the UAE.

“AI plays a critical role in our operations, powering our products and fuelling our network intelligence to improve digital experiences, while reducing financial fraud and risk,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “The combination of this latest Advanced AI Centre and our partnership with the Government of the UAE will deliver greater value for our customers and ultimately reinforce trust in the digital ecosystem.”

Mastercard’s new centre – drawing on the company’s technical knowledge and expertise – will support a new Innovation Hub in the Emirate of Dubai. Under this program, governments and businesses from across the region will collaborate on new efforts to support the continued digital transformation.

“The UAE is a global leader in developing innovative technologies to foster economic growth and drive digital transformation. For more than 35 years, Mastercard has been investing in the UAE to harness the power of technology for the good of the nation. By embracing the power of AI through this new partnership, we are ushering in the next generation of transformative technology, and actively supporting the National Artificial Intelligence Strategy 2031,” said Dimitrios Dosis, president, Eastern Europe, Middle East and Africa, Mastercard.

The Middle East is undergoing a rapid technological shift. According to IDC, investments in digital transformation are expected to double over the next few years in the Middle East. PwC estimates that AI will contribute $320 billion to the region and more than $15 trillion to the global economy by 2030. AI has the power to address some of today’s most pressing challenges, including reducing fraud while helping more people access financial services.

Heritage of AI Innovation

This Centre in Dubai is the latest in a series of investments Mastercard has made in Advanced AI, with existing centres in the US, Canada and India. To date, Mastercard has made use of AI most significantly and successfully in its efforts to enhance cybersecurity and user experiences. By applying a sophisticated AI engine, Mastercard protects more than 125 billion transactions from fraud every year – at speed and scale.

However, today we stand at the precipice of yet another transformative leap in technology, fuelled by the accessibility of generative AI. With its ability to create new content and predict a wholes series of next steps, it has the potential to transform customer experiences, enable personalized interactions and reshape industries.

At Mastercard we are using generative AI for many purposes, including through synthetic transaction data to supercharge fraud detection and boost approval rates.  Our Centre in Dubai will help us develop these new and ground-breaking use cases, and with this knowledge we plan to establish additional Advanced AI Centres across the globe, to drive continued innovation.

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Mastercard, NBS Bank to adopt digital payments in Malawi

The partnership will deliver a seamless experience and drive greater adoption and utilization of digital payments for NBS Bank’s customers…reports Asian Lite News

Mastercard and Network International today re-affirmed their shared commitment to drive the adoption of digital payments and support emerging markets’ transition to a cashless economy by announcing a strategic partnership with NBS Bank plc in Malawi. This will be the first implementation of an innovative digital payment’s platform launched by Mastercard and Network International last year.

NBS Bank will launch a Mastercard virtual (non-plastic, non-physical) payment solution that will enable its customers to make a wide range of e-commerce payments to merchants that accept Mastercard locally and internationally. For instance, virtual cardholders can pay for subscription streaming services, advertising on social media platforms, online shopping as well as travel and bills. It will also allow small business owners to purchase from international suppliers.

To pay for purchases using the virtual payment solution, NBS Bank customers will receive a 16-digit card number, security code, and expiry date, which they will use to complete an online purchase much like they would with a physical card. The payment solution also features multiple layers of security to ensure that the customer’s financial data is always secure and private.

Governments and NGOs across Africa are publicly supporting digital payments and less reliance on hard cash to secure the financial inclusion of more people. With the growth of the digital world, millions of people and businesses are gaining access to financial services and digital payments on their gadgets.

Kwanele Ngwenya, CEO, NBS Bank: “As a caring bank and in line with NBS Bank’s philosophy of ‘taking banking to the people’, we are excited to partner with Mastercard and Network International to offer our customers enhanced payment capabilities that will enable them to make a wide range of payments all from the devices in their pockets. This partnership will also help to accelerate financial inclusion and empower the most vulnerable in society.”

According to Gabriel Swanepoel, Country Manager for Mastercard, Southern Africa, people and business are increasingly turning to digital and remote payments, a shift that has been accelerated by the COVID-19 pandemic.

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“Utilizing the innovative capabilities of both Mastercard and Network International, we can support NBS Bank in their digital transformation efforts so that they can provide an enhanced payment experience to their customers. This in turn will enable more people and businesses to benefit from a growing digital economy and world beyond cash,” says Swanepoel.

Mastercard and Network International have a long-standing partnership, including Mastercard’s strategic investment in Network International and a shared commitment to develop innovative payment solutions that will grow electronic transactions across the MEA region.

”Our partnership with Mastercard is focused on rapidly growing electronic payment usage across our region, and this agreement with NBS Bank is a major step towards meeting that goal,” added Chris Wood, Regional Managing Director, Processing- Southern Africa and PALOPS, Network International. “We look forward to working with NBS Bank to accelerate the move from cash to digital solutions.”