The UAE Central Bank launched the “Innovation Center” at the Emirates Financial Institute, which will enhance research, innovation and development in the financial services sector.
Khaled Mohammed Balaam, Governor of the Central Bank of the United Arab Emirates, said: “The launch of the Innovation Center embodies the strategic objectives of the Central Bank of creating a strong and innovative financial market infrastructure and supporting shaping the future of the financial technology and digitization journey in the UAE.”
He added, “The center will work to facilitate the adoption of digital technologies to enhance the mission of the UAE Central Bank to enhance monetary and financial stability and encourage the transfer of knowledge between the Central Bank and the financial services sector.”
The initiative is in line with the vision of the United Arab Emirates to promote technological transformation and develop national competencies specialized in financial innovation.
The Innovation Center is a key component of the Financial Infrastructure Transformation Programme, which consists of nine initiatives to accelerate digital transformation across the financial landscape.
The collaboration between the Emirates Financial Institute and the Central Bank of the UAE will foster a new generation of skilled professionals equipped to meet the demands of the evolving industry.
The center seeks to accelerate the adoption of advanced technologies in the financial sector and artificial intelligence activities by providing a flexible and supportive environment for research and development. It will work to create a wide-ranging collaborative network that includes universities, research institutions and startups.
The Innovation Center includes six dynamic labs: the Learning Lab, the Digital Lab, the Organization Lab, the Ideation Lab, the Collaboration Lab, and the Future Lab. These labs provide a platform for students, researchers and financial professionals to exchange ideas and address pressing challenges in the sector.
The opening of the Innovation Center witnessed the signing of a cooperation agreement with Microsoft to develop advanced technological solutions that enhance digital efficiency within the financial sector.
Through the cooperation, 10,000 professionals in the financial services sector in the UAE will be able to take training courses in the field of artificial intelligence.
Likewise, the Emirates Investment Fund signed a memorandum of understanding with Ernst & Young to support the development of sustainable digital solutions in the financial services sector and provide advanced training programs in data analysis, cybersecurity and digital transformation.
