DUBAI (WAM)
The Central Bank of the UAE (CBUAE) has announced the launch of the "Innovation Hub" at the Emirates Institute of Finance, a world-class centre for research, innovation, and development in the financial services sector.
The initiative aligns with the UAE's sustainable vision to promote technological transformation and develop specialised national competencies in financial innovation.
The opening ceremony at the institute's campus in Dubai was attended Khaled Mohammed Balama, CBUAE Governor and Chairman of the Board of Directors of EIF, Mohammed bin Taliah, Head of Government Services, Saif Al Dhaheri, Assistant Governor for Banking Operations and Support Services, Vice Chairman of the Board of Directors of the Emirates Institute of Finance; members of the Institute's Board of Directors; and Noura Alblooshi, General Manager of the Emirates Institute of Finance, along with CEOs of banks and financial institutions.
The Innovation Hub is a key component of the "Financial Infrastructure Transformation Programme," which comprises nine initiatives to accelerate digital transformation across the financial landscape.
This collaboration between the Emirates Institute of Finance and the Central Bank is set to foster a new generation of skilled professionals equipped to meet the industry's evolving demands.
The Hub aims to accelerate the adoption of advanced technologies in the financial sector and AI activities by providing a flexible and supportive environment for research and development.
The centre plans to establish a broad collaborative network involving universities, research institutions, and startups.
The Hub features six dynamic laboratories, including the Learning Lab, Digital Lab, Reg Lab, Think Lab, Collab Lab, and Future Lab.
They provide a platform for students, researchers, and finance professionals to exchange ideas and tackle pressing challenges in the sector.
The inauguration ceremony showcased various technological solutions and global AI applications, highlighting the Innovation Hub's focus on advanced technologies.
Balama commented, "The launch of the Innovation Hub embodies the Central Bank's strategic objectives of establishing robust and innovative financial market infrastructure, and support shaping the future of the UAE's financial technology and digitalisation journey. The Hub will facilitate the adoption of digital technologies to reinforce the CBUAE's mission to enhance monetary and financial stability and encourage knowledge transfer between the Central Bank and the Financial Services sector."
"This collaborative platform will advance the vision of our wise leadership of positioning the UAE at the forefront of the global digital economy in accordance with the 'We, the UAE 2031' national plan."
The inauguration featured the signing of a collaboration agreement with Microsoft to develop advanced technological solutions that enhance digital efficiency within the financial sector.
Through this collaboration, training courses in AI will be available to 10,000 professionals across the UAE's financial services sector.
General Manager of Microsoft UAE, Naim Yazbeck, said, "AI is changing industries and driving global innovation. The UAE aims to become a leading AI nation, and skilling is essential to this goal. By training over 10,000 professionals in the financial sector to use AI, we are fostering local talent and ensuring expertise. Our collaboration with the Emirates Institute of Finance supports the UAE's AI journey, building a talent pool that will drive excellence and innovation in the AI era."
Additionally, the Emirates Institute of Finance signed an MoU with Udacity and Accenture during the inauguration ceremony.
This initiative aims to upskill 5,000 learners in key areas such as data analytics and cybersecurity.
CEO of Accenture in the Middle East, Omar Boulos, said, "By leveraging our advanced digital learning platform, powered by Udacity and part of Accenture's LearnVantage, we aim to broaden the reach of this programme across all financial institutions in the UAE."
The event witnessed the signing of an MoU between the Emirates Institute of Finance and Ernst & Young (EY), a global leader in professional services.
This collaboration partnership aims to support the development of sustainable digital solutions in the financial services sector and provide advanced training programmes in data analysis, cybersecurity, and digital transformation.
EY MENA Assurance Leader, Khurram Mian, said, "EY Academy will facilitate EIF in building their capabilities and amplify efforts to realise the goals of the Emiratisation agenda. The agreement includes long-term plans to offer certification programmes to establish industry-leading regional and international benchmarks."
The event also included a speech by Brett King, founder of Moven and a recognised authority in financial technology.