The Innovation Hub of the Emirates Institute of Finance (EIF) has launched a joint initiative focused on exploring the application of traditional and generative Artificial Intelligence (AI) in the financial services sector, in collaboration with HSBC Bank, Al Maryah Community Bank, and UAE-based technology firms Presight and Core42.
H.E. Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE) and Chairman of the Board of Directors of EIF, witnessed the signing of a Memorandum of Understanding (MoU) between the EIF Innovation Hub and the participating entities during an event held at the EIF Innovation Hub in Dubai. The event gathered senior representatives from the financial, banking and technology sectors.
This strategic collaboration aims to explore the potential of AI to foster a secure and efficient banking environment by enhancing operational efficiency, strengthening cybersecurity and elevating customer experience. It reflects the UAE’s commitment to accelerate Digital Transformation in support of cutting-edge AI technologies.
The initiative calls for collaboration to explore real-world AI use cases through knowledge exchange sessions, joint research and controlled pilots to assess impact across key areas. It places strong emphasis on responsible and ethical AI adoption, while fostering dialogue between financial institutions and technology partners to advance scalable AI applications in digital financial services.
Commenting on the initiative, H.E. Saif Humaid Al Dhaheri, Assistant Governor of Banking Operations and Support Services at CBUAE and Vice Chairman of EIF, emphasised that the launch reflects the vision of the UAE’s leadership and aspirations to elevate the financial sector. He highlighted the importance of balancing digital advancement with financial stability and resilience amid global shifts in financial technology.
H.E. added: “This initiative underscores the Central Bank’s commitment to fostering a regulatory and technological environment that supports AI integration in financial services. It also reaffirms our strong dedication to deepening collaboration with federal and local entities to advance the UAE’s comprehensive and sustainable development journey, while cementing its global leadership and competitiveness.”
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 incredible potential to deliver meaningful impact – creating real-world solutions that simplify banking for customers and empower our colleagues.”
Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, stated: “This strategic partnership marks a defining moment in the evolution of AI-driven banking in the UAE. By championing innovation, security and customer empowerment, we reaffirm our commitment to shaping a future where digital banking is intelligent, seamless and trusted.”
Dr Adel Al Sharji, Chief Operating Officer of Presight, said: “Artificial intelligence is reshaping the future of financial services, offering unprecedented opportunities to enhance integrity, security and operational efficiency. 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.”
Kiril Evtimov, CEO of Core42 and Group Chief Technology Officer of G42, added: “AI has the potential to fundamentally transform how financial institutions operate, from real-time decision-making to secure, personalised customer engagement. Through this collaboration, we aim to unlock practical, high-impact applications, from accelerating deposit growth and reactivating dormant accounts, to automating document processing and enhancing credit risk assessment.”
