PRESSR: EIF Innovation Hub signs MoU with Financial Institutions Presight and Core42

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Dubai: 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 continuous commitment to accelerate digital transformation in support of cutting-edge AI technologies.The initiative calls for collaboration to explore practical real-world AI use cases within the financial sector, through a series of knowledge exchange sessions, joint research, and controlled pilots to assess AI use cases across various areas. This initiative places a strong emphasis on enabling responsible and ethical AI adoption, while fostering open dialogue between financial institutions and technology partners to advance scalable AI applications to support the future of digital financial services in the UAE.Commenting on the initiative, H.E. Saif Humaid Al Dhaheri, Assistant Governor of Banking Operations and Support Services at CBUAE and Vice Chairman of the EIF emphasized that the launch of this initiative marks a strategic step that reflects the vision of the UAE’s wise leadership and the country’s forward-looking aspirations. It highlights ongoing efforts to elevate the financial sector and build a globally advanced financial ecosystem rooted in innovation, knowledge, and emerging technologies. He noted that accelerating the responsible and secure adoption of AI plays a critical role in striking the right balance between digital advancement and financial stability, while enhancing the resilience of the UAE’s financial system amid the fast-paced global shifts in financial technology.H....

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