EIF Innovation Hub Signs MoU with Financial Institutions, Presight and Core42 to Explore AI Use Cases in the UAE’s Financial Services Sector

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.E. 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, said: “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, stated: “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, noted that the pilot initiative presents an opportunity to harness the power of AI to enhance digital capabilities in financial institutions. He said: “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.”

Meanwhile, Kiril Evtimov, CEO of Core42 and Group Chief Technology Officer of G42, affirmed that the initiative is aligned with G42’s strategy to drive innovation across critical sectors using AI technologies. He stated: “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.”