UAE central bank fosters innovation with new hub at EIF

The UAE central bank has unveiled its “Innovation Hub” at the Emirates Institute of Finance (EIF), which will foster research, innovation, and development in the financial services sector.

The initiative aligns with the UAE’s vision of promoting technological transformation and developing specialised national competencies in financial innovation.

The Innovation Hub is a key component of the “Financial Infrastructure Transformation Programme,” which comprises nine initiatives to accelerate digital transformation across the financial landscape.

The collaboration between the EIF and the Central Bank of the UAE (CBUAE) will foster a new generation of skilled professionals equipped to meet the industry’s evolving demands.

The hub seeks to accelerate the adoption of advanced technologies in the financial sector and AI activities by providing a flexible and supportive environment for research and development. It will establish a broad collaborative network involving universities, research institutions, and startups.

The Innovation Hub features six dynamic laboratories: the Learning Lab, Digital Lab, Reg Lab, Think Lab, Collab Lab, and Future Lab. These Laboratories provide a platform for students, researchers, and finance professionals to exchange ideas and tackle pressing challenges in the sector.

“The launch of the Innovation Hub embodies the central bank’s strategic objectives of establishing robust and innovative financial market infrastructure and supporting the shaping of the future of the UAE’s financial technology and digitalisation journey,” said Khaled Mohammed Balama, governor of the CBUAE.

“The Hub will facilitate the adoption of digital technologies to reinforce the CBUAE’s mission to enhance monetary and financial stability and encourage knowledge transfer between the Central Bank and the Financial Services sector.”

The inauguration of the Innovation Hub featured the signing of a collaboration agreement with Microsoft to develop advanced technological solutions that enhance digital efficiency within the financial sector.

Through the collaboration, 10,000 professionals in the UAE’s financial services sector will be able to take AI training courses.

Similarly, the EIF signed an MoU with Ernst & Young to support the development of sustainable digital solutions in the financial services sector and provide advanced training programmes in data analysis, cybersecurity and digital transformation.

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