TLDR: The Emirates Institute of Finance (EIF) Innovation Hub has entered into a Memorandum of Understanding (MoU) with leading financial institutions HSBC Bank and Al Maryah Community Bank, alongside technology firms Presight and Core42. This collaborative initiative is set to explore the transformative potential of traditional and generative Artificial Intelligence (AI) within the UAE’s financial services sector, focusing on enhancing operational efficiency, cybersecurity, and customer experience while promoting responsible AI adoption.
Dubai, UAE – July 16, 2025 – The Emirates Institute of Finance (EIF) Innovation Hub has officially launched a groundbreaking joint initiative aimed at integrating traditional and generative Artificial Intelligence (AI) into the financial services landscape of the UAE. This strategic move was formalized through the signing of a Memorandum of Understanding (MoU) with key industry players: HSBC Bank, Al Maryah Community Bank, and UAE-based technology powerhouses Presight and Core42.
The signing ceremony, held at the EIF Innovation Hub in Dubai, was graced by the presence of H.E. Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE) and Chairman of the Board of Directors of EIF. The event brought together senior representatives from the financial, banking, and technology sectors, underscoring the significance of this collaboration for the nation’s digital future.
The core objective of this strategic partnership is to harness the power of AI to cultivate a more secure and efficient banking environment. The initiative is designed to achieve this by significantly enhancing operational efficiency, bolstering cybersecurity measures, and elevating the overall customer experience. This endeavor aligns seamlessly with the UAE’s unwavering commitment to accelerating digital transformation and embracing cutting-edge AI technologies.
The initiative outlines a clear path for collaboration, focusing on the exploration of practical, real-world AI use cases within the financial sector. This will be facilitated through a series of knowledge exchange sessions, joint research projects, and controlled pilot programs designed to assess the impact of AI across various critical areas. A strong emphasis is placed on enabling responsible and ethical AI adoption, fostering an open dialogue between financial institutions and technology partners to advance scalable AI applications that will shape the future of digital financial services in the UAE.
Commenting on this pivotal 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 this launch represents a strategic step reflecting the visionary leadership of the UAE and its forward-looking aspirations. He highlighted the ongoing efforts to elevate the financial sector and establish a globally advanced financial ecosystem rooted in innovation, knowledge, and emerging technologies. H.E. Al Dhaheri further noted that the responsible and secure adoption of AI is crucial for balancing digital advancement with financial stability and resilience amidst rapid global shifts in financial technology. He 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, expressed enthusiasm for the collaboration, stating, “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. By combining HSBC’s global expertise with local innovation, we aim to pilot practical, responsible tools that enhance everyday interactions, and make banking simple and intuitive.”
Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, remarked, “This strategic partnership marks a defining moment in the evolution of AI-driven banking in the UAE. At Al Maryah Community Bank, we are proud to collaborate with EIF to accelerate the integration of advanced technologies into the financial ecosystem. By championing innovation, security, and customer empowerment, we reaffirm our commitment to shaping a future where digital banking is intelligent, seamless, and trusted—solidifying the UAE’s position as a global leader in financial innovation.”
Dr. Adel Al Sharji, Chief Operating Officer of Presight, highlighted the opportunity to leverage AI for enhancing digital capabilities. He stated, “Artificial intelligence is reshaping the future of financial services, offering unprecedented opportunities to enhance integrity, security, and operational efficiency. At Presight, we are proud to be at the forefront of this transformation, working closely with regulatory authorities and leading banks across the UAE to deploy AI solutions that safeguard financial systems and build trust. 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, affirmed the initiative’s alignment with G42’s strategy to drive innovation using AI technologies across critical sectors. He commented, “AI has the potential to fundamentally transform how financial institutions operate, from real-time decision-making to secure, personalized customer engagement. At Core42, we are proud to contribute our sovereign cloud and AI infrastructure and our technical capabilities in large-scale deployments to this long-term strategic initiative. Through this collaboration, we aim to unlock practical, high-impact applications, from accelerating deposit growth and reactivating dormant accounts, to automating document processing, enhancing credit risk assessment, and powering sandbox-based pilots for next-generation financial services. This reflects our broader commitment to enabling mission-critical transformation across the UAE’s most vital industries.”
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This collaborative effort is poised to significantly contribute to the UAE’s vision of building a globally advanced financial ecosystem, driven by innovation and cutting-edge technologies.
