https://adgully.me/post/4400/mastercard-collaborates-with-dubai-islamic-bank-for-cross-border-payment-service

Mastercard Collaborates With Dubai Islamic Bank for Cross-Border Payment Service

Mastercard has initiated a strategic partnership with Dubai Islamic Bank (DIB) to launch cross-border payment services for peer-to-peer (P2P) and business-to-business (B2B) fund transfers. The collaboration leverages Mastercard Cross-Border Services to enable the bank to provide real-time remittances through its digital channels across more than 40 countries worldwide. The Mastercard-powered remittance solution allows people and organizations to send and receive money around the world almost instantly.Mastercard Cross-Border Services facilitate the movement of funds to any end point across over 140 countries through one secure connection and through rich features such as guaranteed exchange rates, full value transfers without deductions and transaction status tracking, reaching 95% of bank accounts worldwide. The highly localized solution offers multiple payout options, including bank account, mobile wallet and card. To address the needs of the unbanked and underbanked, cash payout is also an option through a continuously expanding global network of cash pickup locations, whose number currently stands at approximately 350,000.“At DIB, we are committed to making an active contribution to building a seamless payment infrastructure through bringing unique, state-of-art solutions to the market in line with the highest international standards. This partnership further enriches DIB cross-border payment services through an integration between customer facing mobile apps and online platforms with Mastercard, ensuring secure and efficient transfers to a vast network of geographies that the latter operates in. With its advanced technology, global expertise and ever-growing remittance footprint, Mastercard will significantly enhance our customer offering and allow us to achieve further global reach,” said Dr. Adnan Chilwan, Group CEO of DIB.“For many people, remittances are a way to stay connected to their communities. At Mastercard, we are dedicated to providing them with fast, convenient, secure and affordable ways to transfer funds internationally. We are delighted to launch our first innovation-driven business venture with DIB, and hope this will be the start of a long and productive partnership,” said Dimitrios Dosis, President, Eastern Europe, Middle East and Africa, Mastercard.Recognizing the need for speed in today's fast-paced world, Mastercard Cross-Border Services have been optimized for quick and efficient fund transfers. This ensures that customers can complete their desired transactions promptly, which is particularly advantageous for urgent financial needs. To promote transparency, the solution is equipped with a real-time tracking feature, so users can stay informed about the progress of their transactions.
https://adgully.me/post/2922/the-uae-government-partners-with-mastercard-to-accelerate-adoption-of-ai

The UAE government partners with Mastercard to accelerate adoption of AI

Dubai: The UAE’s Artificial intelligence, Digital Economy and Remote Work Applications Office and Mastercard today signed a Memorandum of Understanding to increase Artificial Intelligence (AI) capabilities and readiness in the region. An initial focus of the effort will be dedicated to battling financial crime, securing the digital ecosystem, and driving inclusive growth in the UAE and beyond.H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications emphasized the UAE government's dedicated efforts towards strategic collaborations with the private sector and leading international companies. These collaborations have been recognized as pivotal catalysts for expediting the adoption of Artificial Intelligence, a crucial component of the nation's journey towards digital advancement and prosperity.His Excellency pointed out the significance of bilateral cooperation. He emphasized the importance of realizing the aspirations outlined in the UAE Strategy for Artificial Intelligence 2031. This strategy aims to consolidate the UAE's position as a leading hub for Artificial Intelligence. Concurrently, it seeks to foster the development of comprehensive technology-driven frameworks within priority sectors.Furthermore, His Excellency praised Mastercard's efforts in adopting AI, as well as their inauguration of a global center dedicated to Artificial Intelligence and advanced technology within the UAE.Investing in Enhanced InnovationThe signing of this partnership comes as Mastercard unveiled its latest global Centre for Advanced AI and Cyber Technology in Dubai. In addition to developing AI-powered solutions to fight financial crime, the Centre will focus on securing the digital ecosystem and driving inclusive growth. It will also serve as a hub to nurture and hire local AI talent, including data engineers and data scientists, with a remit to accelerate AI innovation globally and service customers all around the world from the UAE.“AI plays a critical role in our operations, powering our products and fuelling our network intelligence to improve digital experiences, while reducing financial fraud and risk,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “The combination of this latest Advanced AI Centre and our partnership with the Government of the UAE will deliver greater value for our customers and ultimately reinforce trust in the digital ecosystem.”Mastercard's new centre – drawing on the company’s technical knowledge and expertise – will support a new Innovation Hub in the Emirate of Dubai. Under this program, governments and businesses from across the region will collaborate on new efforts to support the continued digital transformation."The UAE is a global leader in developing innovative technologies to foster economic growth and drive digital transformation. For more than 35 years, Mastercard has been investing in the UAE to harness the power of technology for the good of the nation. By embracing the power of AI through this new partnership, we are ushering in the next generation of transformative technology, and actively supporting the National Artificial Intelligence Strategy 2031,” said Dimitrios Dosis, president, Eastern Europe, Middle East and Africa, Mastercard.The Middle East is undergoing a rapid technological shift. According to IDC, investments in digital transformation are expected to double over the next few years in the Middle East. PwC estimates that AI will contribute $320 billion to the region and more than $15 trillion to the global economy by 2030. AI has the power to address some of today’s most pressing challenges, including reducing fraud while helping more people access financial services.Heritage of AI InnovationThis Centre in Dubai is the latest in a series of investments Mastercard has made in Advanced AI, with existing centres in the US, Canada and India. To date, Mastercard has made use of AI most significantly and successfully in its efforts to enhance cybersecurity and user experiences. By applying a sophisticated AI engine, Mastercard protects more than 125 billion transactions from fraud every year – at speed and scale.However, today we stand at the precipice of yet another transformative leap in technology, fuelled by the accessibility of generative AI. With its ability to create new content and predict a wholes series of next steps, it has the potential to transform customer experiences, enable personalized interactions and reshape industries.At Mastercard we are using generative AI for many purposes, including through synthetic transaction data to supercharge fraud detection and boost approval rates. Our Centre in Dubai will help us develop these new and ground-breaking use cases, and with this knowledge we plan to establish additional Advanced AI Centres across the globe, to drive continued innovation.