Mastercard and the United Arab Emirates have teamed to fuel artificial intelligence (AI) adoption in that country.
The collaboration comes as Mastercard opened its newest Center for Advanced AI and Cyber Technology in Dubai, according to a Thursday (Aug. 24) press release.
The center will develop AI-powered financial crime prevention tools, focus on “securing the digital ecosystem and driving inclusive growth” and act as a hub for fostering and hiring local AI talent, the release said.
“AI plays a critical role in our operations, powering our products and fueling our network intelligence to improve digital experiences, while reducing financial fraud and risk,” said Ajay Bhalla, president of cyber and intelligence at Mastercard. “The combination of this latest Advanced AI Center and our partnership with the government of the UAE will deliver greater value for our customers and ultimately reinforce trust in the digital ecosystem.”
At least one UAE official has expressed caution about the use of AI.
UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications Omar Al Olama said during a conference in May that AI should receive the same level of oversight as weapons-grade uranium.
He argued that the global community needs to have for AI the same sort of mechanisms it has to find out if a country is enriching uranium, even if the country doesn’t disclose that fact.
Elsewhere on the AI front, PYMNTS examined Thursday the increasingly crowded AI landscape, which will force companies to decide which applications will prove most useful for their businesses.
Research by PYMNTS and AI-ID in the report, “Understanding the Future of Generative Al” showed that large language models — the neural networks behind AI platforms — could impact 40% of all working hours.
The generative AI sector is expected to reach $1.3 trillion by 2032, versus $40 billion in 2022.
“We are in that economic cycle where every cost you can beat out of the process is necessary right now,” Ingo Money CEO Drew Edwards said in an interview with PYMNTS. “… [H]ow to save money and how to eliminate those manual steps in the processes is top of mind.”