The Innovation Hub of the Emirates Institute of Finance (EIF) has launched a joint initiative to explore the application of both traditional and generative AI in the financial services sector.

The initiative involves collaboration with HSBC Bank, Al Maryah Community Bank, and UAE-based technology firms Presight and Core42.

The collaboration aims to assess how AI can support a secure and efficient banking environment by improving operational efficiency, enhancing cybersecurity, and strengthening the customer experience.

It aligns with the UAE’s ongoing efforts to accelerate digital transformation and integrate advanced AI technologies.

The initiative will explore practical AI use cases in the financial sector through knowledge exchange sessions, joint research, and controlled pilot programmes.

It places a strong emphasis on responsible and ethical AI adoption while encouraging dialogue between financial institutions and technology partners to develop scalable AI applications for the UAE’s digital financial services.

Mohamed Al Marzooqi, CEO, UAE, HSBC Bank Middle East, said:

“The UAE has a bold vision to become one of the leading nations in AI, and through our collaboration with EIF Innovation Hub, we’re tapping into AI’s potential to deliver meaningful impact, creating solutions that simplify banking for customers and empower our colleagues.”

Dr Adel Al Sharji, Chief Operating Officer of Presight, said:

“At Presight, we are proud to be at the forefront of this transformation, working closely with regulatory authorities and leading banks across the UAE to deploy AI solutions that safeguard financial systems and build trust. This initiative with EIF and our banking partners is a vital step in accelerating the responsible adoption of AI, reinforcing the UAE’s position as a global leader in digital innovation and financial resilience.”

Featured image credit: EIF