FAB, Microsoft announce strategic partnership on AI-based banking

FAB, Microsoft announce strategic partnership on AI-based banking

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Abu Dhabi: First Abu Dhabi Bank (FAB) and Microsoft will collaborate to develop new AI-based banking capabilities under a strategic business partnership, with the UAE’s largest bank and the global technology leader to cooperate on launching an ‘AI Innovation Hub’ for financial services.

The new AI Innovation Hub will focus on innovation, sustainability, and customer experience. The hub will drive partnerships under three main thematic areas for collaboration: innovation through AI, driving global growth, and shaping the future of financial market ecosystems. The hub will accelerate the adoption of new innovations and AI technology into financial services to provide product enhancement, personalisation, unique AI risk models, new solutions, and other advances.

The initiative extends FAB’s previous work in AI, including its long-standing partnership with G42. FAB recently joined forces with Core42 – a G42 company and full-spectrum AI enablement solutions provider – to accelerate the migration of FAB’s data centre and workload to Microsoft Azure, including access to the Azure platform’s pioneering cloud and AI solutions.

The initiative closely aligns with the UAE Strategy for Artificial Intelligence, which aims to establish the UAE as a world leader in AI by 2031 with policies to create an AI-friendly ecosystem,