First Abu Dhabi Bank (FAB) will collaborate with Microsoft to develop new AI-based banking capabilities as part of a strategic partnership, the firms have announced.
This will include the launch of a new ‘AI Innovation Hub’ for financial services, which will focus on innovation, sustainability, and customer experience. The hub will aim to drive partnership under three main thematic areas for collaboration – innovation through AI, driving global growth, and shaping the future of financial markets ecosystems.
Additionally, the hub is expected to accelerate adoption of new innovations into financial services including product enhancement, personalisation and unique AI risk models, among others.
The deal means that the UAE’s largest bank will be able to use Microsoft’s Azure AI services, including Azure Generative AI capabilities, with potential areas of collaboration include Banking-as-a-Service and Risk-as-Service. This could be further categorised across digital services, lending, and payments within consumer, corporate, and investment banking, the firms said in a statement.
Hana Al Rostamani, Group Chief Executive Officer at FAB, 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.”
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.
It also 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, encourage advanced research in the sector, and promote collaboration to accelerate the adoption of AI.
Naim Yazbeck, UAE General Manager at Microsoft Gulf, added: “We are excited to partner with FAB on this strategic initiative that is testimonial of FAB’s aspiration to leverage the power of generative AI as a platform for innovation and industry disruption. Together with FAB, we are set to build ground-breaking capabilities that will translate FAB’s leadership and vision as a market innovator and trendsetter both regionally and globally.”
