The UAE financial sector is a global leader in adopting artificial intelligence

2024/12/14 1:58:05 PM

3 minutes read

Abu Dhabi, December 14 / WAM / The UAE has succeeded in consolidating its position as one of the most prominent pioneering countries in adopting modern technology and artificial intelligence in the financial sector, in line with its strategic vision for digital transformation and promoting innovation in this vital field.
Based on international and regional reports and studies, the UAE has achieved excellence in adopting smart solutions aimed at enhancing financial efficiency and achieving sustainable development, and has proven its global leadership in the field of technological innovation in general, which has contributed to pushing financial institutions to increasingly benefit from artificial intelligence and machine learning.
Assem Jalal, consultant in management sciences and information technology at G&K Management Consulting, confirmed that the UAE’s use of artificial intelligence preceded the boom in generative artificial intelligence, pointing out that its use in the financial sector was taking place in many fields, especially in identifying… Patterns, and extensively in detecting money laundering operations and fraud attempts.
He added that many pioneers in the world of artificial intelligence and many research institutions around the world praise the UAE’s position in this field, and many major international companies are pumping investments into Emirati companies, which enhances the UAE’s position in the world of technology and artificial intelligence.
He explained that the UAE is a pioneer in developing digital infrastructure in the financial sector in all its aspects, whether at the level of strategies and legislation, or digital capabilities and components such as cloud computing, communications speed, and information security.
For his part, George Naddaf, managing director of business development in the Middle East and North Africa region at the eToro platform, confirmed that technology and artificial intelligence have become a major driver in the financial sector, pointing out the ability of artificial intelligence to contribute to providing accurate analyzes in the financial world, such as stocks, in real time. And accurate, eliminating the need for large teams of traditional analysts.
He stressed that the UAE is one of the leading countries in adopting artificial intelligence, blockchain and digital currencies applications, which strengthens its position as a global center for financial innovation.
He noted the flexibility and precedence of legislation in the UAE, which contributed to creating an environment supportive of technological development and rapid growth.
According to Abu Dhabi Global Academy (ADGM), the UAE has positioned itself as a global leader in the field of technological innovation, driven by far-sighted initiatives and a favorable regulatory environment.
The UAE National Strategy for Artificial Intelligence 2031 is pivotal in promoting the adoption of artificial intelligence in many industry sectors, including finance.
According to the academy, financial institutions are increasingly making use of artificial intelligence and machine learning to improve efficiency, enhance customer experience and gain a competitive advantage in the market.
Innovate Finance, a financial technology company, says that while global investments in financial technology declined by 42% during 2023, these investments in the UAE increased by about 92%, supported by financial technology-friendly regulations and widespread adoption of digital banking services.
KPMG, the global professional services and auditing company, believes that the UAE continues to develop into a regional center for financial technology.
She describes the progress the UAE has made in the field of technology as a remarkable journey of transformation, as the UAE has positioned itself as a global power in the digital age.
KPMG reports that the regulatory framework in the UAE paves the way for innovations in the field of financial technology and digital payments, and that information security emerges as a major catalyst that drives digital transformation, pointing out that the UAE has introduced many data privacy laws to protect personal information and individuals’ data, These include, for example, the Data Protection Law of the Dubai International Financial Centre, as well as the Data Protection Regulations of Abu Dhabi Global.