Today's Edition
MAYS IBRAHIM (DUBAI)
The UAE has positioned itself as a "trendsetter" when it comes to AI adoption, outlining clear ambitions under its Vision 2040 and Vision 2050, said JK Khalil, Division President of East Arabia at Mastercard in an interview with Aletihad on the sidelines of the World Government Summit in Dubai.
"From the moment that [the UAE] set up the first ministry of AI globally, I think today [it's] a clear hub that attracts talent and capital," he said.
"We're seeing a lot of technology innovators flocking to this market and capital is following. People are setting themselves up here to be able to really use the UAE as a springboard to scale up their innovations into the world."
According to Khalil, Mastercard has been closely involved in the UAE's AI-driven initiatives, partnering with the Ministry of Artificial Intelligence and other key government entities such as the Etihad Credit Bureau and the Central Bank of UAE.
This involves supporting the development of AI strategies and technological roadmaps to create a future-ready digital economy here in the UAE, he explained.
Balancing Innovation and Regulation
As governments worldwide embrace emerging technologies like AI and blockchain for financial inclusion and digital transformation, striking a balance between innovation and regulation is crucial.
"Governments are realising that regulations and policies need to be updated and continuously revised and sometimes, frankly, tossed away and rewritten. We're seeing that happening in pockets," said Khalil.
He noted that "the UAE is a great example of a country that's really stepped up to the challenge", working diligently to remove red tape and create policies and regulatory frameworks that support the advancement of AI and technological innovation.
Mastercard actively collaborates with governments to guide policy development across multiple sectors. In Dubai, the company works with the Department of Economy and Tourism (DET) on AI-driven projects aimed at enhancing tourism analytics.
"We help them implement data-driven analytics, AI models, and identify patterns in seasonality and travel so that they can drive their tourist agenda, which is very important to the nation, as we know," Khalil explained.
AI-Driven Innovations at Mastercard
Mastercard has been leveraging AI for fraud detection and risk management for decades.
The company's AI applications have now expanded beyond security, covering data analytics and even digital human interactions. This includes using AI to enhance consumer experiences and support its partners, including businesses and governments, Khalil stated.
In the UAE, Mastercard's AI Centre of Excellence collaborates with government entities to build AI-driven roadmaps, ensuring that public sector innovation remains at the forefront of global technological advancements.
