Dubai: The Central Bank of the UAE (CBUAE) has unveiled the Innovation Hub at the Emirates Institute of Finance (EIF), a cutting-edge center dedicated to advancing research, innovation, and development in the financial services industry.
The inauguration ceremony at the EIF campus in Dubai saw the presence of distinguished officials, including Khaled Mohammed Balama, Governor of the CBUAE, and Mohammed bin Taliah, Head of Government Services. CEOs of leading banks and financial institutions also attended the event, reflecting the sector’s collective commitment to innovation.
The Innovation Hub is a cornerstone of the CBUAE’s ‘Financial Infrastructure Transformation Program’, encompassing nine initiatives to accelerate digital transformation. It aims to build a robust foundation for advanced technologies and AI in the financial sector, while fostering collaboration with universities, research institutions, and startups.
Welcome to the Future of Finance! 🚀
Today we launched the EIF Innovation Hub in the heart of the UAE. This pioneering hub is set to revolutionize the finance and tech sectors.
Join us in shaping the future. #EIFInnovationHub #FutureofFinance #UAEinnovation pic.twitter.com/NyRhXQgT5r
— EIF (@EIF_UAE) November 20, 2024
The Hub features six laboratories-Learning Lab, Digital Lab, Reg Lab, Think Lab, Collab Lab, and Future Lab-designed to enable students, researchers, and professionals to address challenges and drive progress in financial services.
Balama emphasized that, “The Innovation Hub will enable the adoption of digital technologies and strengthen the UAE’s position as a leader in the global digital economy.”
Strategic Collaborations
The inauguration included a series of landmark agreements:
- Microsoft Partnership: Focused on developing AI-driven solutions, this collaboration aims to train 10,000 financial professionals in AI applications.
- Udacity and Accenture MoU: Set to upskill 5,000 learners in data analytics and cybersecurity using Accenture’s LearnVantage platform.
- EY Collaboration: Aimed at building capabilities in digital transformation and providing certification programs to establish benchmarks in the financial industry.
“AI is reshaping industries, and the UAE’s vision is to lead this change,” stated Naim Yazbeck, General Manager of Microsoft UAE. Training programs will ensure local talent is equipped to drive innovation in the sector.
Khurram Mian of EY highlighted that, “Our partnership with EIF aims to set new benchmarks in professional development and sustainable digital solutions.”
The event also featured Brett King, founder of Moven and a global authority on financial technology, who shared insights on the future of fintech.