Mastercard Incorporated (NYSE:MA) has taken significant steps to drive digitalization and expedite the integration of artificial intelligence (AI) in the United Arab Emirates (UAE). Notably, the company has recognized Bahrain Commercial Facilities Company by awarding them the Mastercard Digital First program certificate. Furthermore, Mastercard has entered a partnership with UAE’s Artificial Intelligence Digital Economy and Remote Work Applications Office, aiming to encourage the adoption of AI for curbing financial crimes.

This recognition from Mastercard bolsters BCFC’s reputation as a reliable partner in the realm of digital payments. The Digital First program by Mastercard aims to aid financial institutions in providing customers with secure and seamless digital experiences, thus enhancing the quality of their digital lending solutions. This initiative allows financial institutions to offer instant digital card issuance, access to digital card information, and various other advantages.

Empowering consumers with more control over their finances while ensuring heightened security is the essence of this initiative. Mastercard plans to leverage the Digital First program to expand its influence and cater to the evolving customer demands in Bahrain. Anticipated outcomes of this program encompass cost savings, increased customer acquisition, higher transaction volumes, and a reduction in digital fraud. This will benefit both consumers and financial institutions while boosting Mastercard’s business prospects.

Mastercard’s collaboration with the UAE through a memorandum of understanding is geared toward augmenting AI capabilities in the region. This move aligns with the UAE’s aspiration to accelerate AI adoption and further enrich its digital ecosystem by collaborating with private sector entities and international corporations. This partnership builds on the UAE Strategy for Artificial Intelligence 2031, expected to elevate the UAE’s standing as a hub for AI excellence. AI is poised to offer a technology-driven framework for priority sectors, ultimately curbing financial crimes and enhancing performance.

These strategic partnerships exemplify Mastercard’s commitment to digital transformation efforts throughout the UAE. The surge in the digital economy, spurred by heightened internet penetration and smartphone usage, likely prompted Mastercard to extend its presence to the UAE. According to PWC, AI is projected to contribute $320 billion to the UAE and $15 trillion to the global economy by 2030. Mastercard’s aim is to consolidate its position within the UAE’s thriving digital economy.

Over the past year, Mastercard’s shares have gained 19.8%, outpacing the industry’s growth of 8.6%.

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