(MENAFN- Khaleej Times)
Published: Tue 17 Sep 2024, 3:15 PM
The region's digital landscape is fast evolving, driven by rapid developments in advanced technologies, such as AI, machine learning, spatial computing, big data, 5G, biometric recognition as well as virtual and augmented reality. This is bringing unprecedented speed and convenience to people's lives, enhancing inclusion by facilitating access to products and services, creating economic opportunities and enabling new levels of personalisation.
Key players in the financial ecosystem are leveraging the immense potential of cutting-edge technologies to better serve their communities. To amplify their impact, they are harnessing the power of partnerships with like-minded companies to introduce game-changing offerings that address emerging needs. A case in point is the long-standing collaboration between Mastercard, a global technology company in the payments industry, and First Abu Dhabi Bank (FAB), the largest bank in the UAE.
The story of Mastercard and FAB began decades ago when First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD), the two entities that later came together to form FAB, each joined forces with Mastercard to launch unique propositions. Since then, their relationship has gone from strength to strength, bringing to life a series of world- and market-first differentiators, such as the SlicePay instalment payment card, issued under FAB's Dubai First trademark.
Along their shared journey, the two partners discovered they had a lot of common priorities - from spearheading innovation and boosting financial inclusion to championing the adoption of digital payments and keeping their customers at the heart of everything they do.
Building on their joint commitment to sustainability, FAB joined Mastercard's Priceless Planet Coalition, a global initiative that unifies corporate efforts to restore 100 million trees with the aim of contributing to the fight against climate change. FAB also signed Mastercard's UAE Sustainable Cards Pledge, announced at the 28th UN Climate Change Conference (COP28) in Dubai last November, that mobilises the country's banks to switch to cards made from more sustainable materials by 2025.
To take their collaboration to the next level, earlier this year, Mastercard and FAB entered a strategic partnership to fuel the growth of the region's digital payments ecosystem. The landmark deal empowers FAB to drive accelerated growth in the UAE and scale expansion plans in Saudi Arabia, Oman and Egypt.
The two market leaders are now co-creating disruptive products, services and solutions, powered by Mastercard's advanced technology and customised for the bank's priority consumer, SME and commercial segments, offering them more choice, flexibility and benefits. The partners are using Mastercard's extensive expertise and the capabilities of the company's Global Center for Advanced AI and Cyber Technology in Dubai to revolutionize the customer experience and increase efficiency.
With shared value creation at the heart of the partnership, Mastercard and FAB are also developing new initiatives and programmes as one unified team. The collaboration unlocks new ways of working that enable closer day-to-day collaboration and support their joint focus on long-term growth.
The latest outcome of the partnership is the AI Challenge, whose inaugural edition kicked off this July in collaboration with the UAE's Artificial Intelligence, Digital Economy and Remote Work Applications Office. In line with the UAE Strategy for Artificial Intelligence and the Dubai Universal Blueprint for Artificial Intelligence (DUB), the initiative seeks to catalyse the growth of the UAE's thriving AI landscape and foster the next generation of AI pioneers in the country.
The challenge invites seed and Series A startups to propose innovative AI-driven solutions in the fields of cybersecurity, generative AI in banking and finance, customer lifecycle management, productivity enhancement, emerging fintech and ESG. The winner will receive a cash prize of $150,000, access to Mastercard's global sponsorships, events and priceless assets as well as an accelerated enrolment into its award-winning global startup engagement programme Start Path. Since 2014, Start Path has supported over 400 startups from 54 countries, which have already secured more than $25 billion in post-programme capital.
Mastercard and FAB have many more ambitious projects in the pipeline that seek to redefine the way people and businesses in the region pay and get paid. Their joint efforts align with ambitious national strategies by advancing sustainable development and charting a roadmap to a prosperous digital future for all.
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