FAB
Microsoft announces strategic partnership with First Abu Dhabi Bank on AI-based banking
Microsoft and First Abu Dhabi Bank (FAB) have teamed up to create an advanced set of AI-driven financial services.
Hana Al Rostamani, Group Chief Executive Officer at FAB disclosed the partnership in a statement seen by News. ng on Thursday.
As per the release, the three main focuses of the new AI Innovation Hub will be customer experience, sustainability, and innovation.
The hub will coordinate relationships in three primary areas of collaboration: advancing global growth, advancing AI innovation, and reshaping financial sector ecosystems.
With the goal of delivering product enhancement, personalisation, unique AI risk models, innovative solutions, and other advancements, the hub will expedite the implementation of innovations and AI technology into the financial services industry.
Before joining the GenAI Task Force in December of last year, Microsoft had a similar cooperation with CaixaBank in Spain, where it played a key role in developing its AI Innovation Lab.
The programme is in line with the UAE Strategy for Artificial Intelligence, which seeks to position the United Arab Emirates as a global leader in AI by 2031 through policies that support advanced AI research, foster cooperation, and build an ecosystem that is AI-friendly.
Al Rostamani, said, “The AI Innovation Hub marks another milestone for the bank in setting a bold agenda for innovation. In partnering with Microsoft, a recognised global leader in AI, we are demonstrating our ambition to accelerate advances in generative AI, intelligent automation, and machine learning.”
Inside sources claimed that the project builds on FAB’s prior AI work, particularly its long-standing collaboration with G42. Recently, FAB partnered with Core42, a G42 firm that offers full-spectrum AI enablement solutions, to expedite the transfer of FAB’s workload and data centre to Microsoft Azure.
This will grant FAB access to the platform’s cutting-edge cloud and AI capabilities.
We earlier reported that International finance company, Unlimit, has announced its collaboration with Xiaomi to give GetApps users access to PIX and streamline the payment procedures.