RAKBANK, Microsoft ink deal to transform AI applications in banking operations

As part of an ongoing collaboration, RAKBANK and Microsoft have inked a deal to leverage AI to transform various facets of operations at the bank.

The firms said in a statement they will focus on redefining compliance as well as enhanicng anti-money laundering, customer interactions and marketing initiatives at the bank. Additionally, they plan to use the technology to combat the financing of terrorism and improve fraud detection.

To do this the banks said they will lean on the capabilities of GPT-4o, the multimodal large language model (LLM) from OpenAI, and JAIS, the an advanced Arabic LLM from G42, which run on Microsoft’s cloud.

The intent was formalised through a memorandum of understanding (MoU) signed by Raheel Ahmed, Group CEO of RAKBANK, and Naim Yazbeck, General Manager of Microsoft UAE, at the RAKBANK Corporate office in Dubai.

Commenting on the MoU, Raheel Ahmed, Group CEO of RAKBANK, said, “The collaboration with Microsoft underscores our commitment to innovation and operational excellence. We are pleased to combine forces with this global technology leader to leverage AI across a number of key areas, in line with our commitment to be the digital bank with a human touch.”

Looking ahead, RAKBANK and Microsoft said they plan to explore further potential technical collaborations in areas such as data analytics, security and privacy.