(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: BM Fintech - Bait Al Mashura Finance Consultations and CEAI (Centre for AI Innovation) - MyFinB have signed a memorandum of understanding (MoU) to promote AI initiatives and cater to the needs of financial institutions, banks, professional services firms, universities, government bodies, NGOs, charity bodies, regulators, corporations, and SMEs in AI and other emerging technologies. The signing event took place on March 14, 2023 at the Sheraton Doha (Al-Majlis Hall) in Qatar, as part of the inaugural session of the 9th Doha Islamic Finance Conference.
[email protected] , a leading AI research and development institution, brings its expertise in artificial intelligence and machine learning to the partnership, while BM Fintech, a fintech arm of Bait Al-Mashura Qatar that promotes fintech products and services, capacity building and knowledge mobilization to drive innovation in the financial industry, offers its extensive experience in providing financial and management consultations services to its customers.
The partnership between CEAI and BM Fintech aims to improve access to financial services for individuals and businesses in Qatar. By leveraging the power of technology and innovation, the two entities seek to provide a more secure and efficient financial ecosystem in the country.
“We are thrilled to partner with BM Fintech to promote AI initiatives and deliver innovative solutions to businesses in need of cutting-edge technology. Together, we will work towards achieving our goals of transforming the way businesses operate in the digital age.” said Prof. M Nazri, Founder and Chairman of CEAI Global.
Prof. Dr. Khalid Ibrahim Al-Sulaiti, the vice-chairman of Bait Al-Mashura echoed the sentiment, saying,“We are excited to join forces with CEAI-MyFinB to cater to the needs of businesses in AI and emerging technologies. The MoU is set to revolutionize the way businesses operate in the digital age and will help us achieve our common vision and commitment of delivering exceptional results to our clients.”
The partnership will concentrate on the identified priority areas of high potential growth, such as AI. Both parties are dedicated to delivering innovative solutions that will revolutionise how businesses operate in the digital age. The partnership's focus also aligns with Qatar's National AI strategy, which aims to position Qatar as a world leader in the world's next industrial revolution powered by AI, with a focus on finance, healthcare, and oil and gas; and Qatar Central Bank's Fintech Strategy, which supports diversification and innovation within financial services to enable Qatar National Vision 2030.
One of the key areas of focus will be the integration of AI in risk management and data governance in digital banking. The use of AI in these areas can bring significant benefits to financial institutions, reducing the risk of credit defaults and improving the accuracy of credit risk assessment, help financial institutions to better manage their data, ensuring compliance with regulations and improving overall data quality.
As part of their partnership, BM Fintech - Bait Al Mashura Finance Consultations and [email protected] will be planning a series of AI awareness talks and briefings aimed at raising public awareness of the potential benefits and risks of AI. These talks and briefings will be open to financial institutions, banks, professional services firms, universities, government bodies, NGOs, charity bodies, regulators, corporations, and SMEs interested in learning more about AI and its applications in the financial industry. The sessions also aim to promote a better understanding of AI, its capabilities, and limitations in order to facilitate the adoption of AI technologies by businesses in Qatar.
In addition to the awareness talks, the partnership also plans to launch the Future-Ready Institutions (FRI) in Qatar Pilot Program. This program will enable financial institutions, banks, professional services firms, and other businesses adopt AI technologies. The program will provide access to training, resources, and expertise to help businesses implement AI solutions that are tailored to their needs. The FRI program aims to foster a culture of innovation and collaboration among businesses in Qatar, helping them to stay competitive in the digital age and achieve their goals of growth and expansion.
Furthermore, the Centre for AI Innovation Global (CEAI), plans to also launch AI:10 - a weekly AI publication under 10 minutes - with a special section for AI in Qatar. This special section aims to provide a concise and informative overview of the latest developments in AI in Qatar, including emerging trends, best practices, and case studies.
The partnership will also explore various aspects of digitalisation aimed at enhancing profitability, scaling up operations, and improving customer experience.
By leveraging emerging technologies, both parties aim to provide cutting-edge solutions that will help businesses stay ahead of the curve.