Krishnan Gopi

🔝Where does the🕌Middle East stand in the global 🦾AI funding race❓ The #UAE and 🇸🇦Saudi Arabia are at the forefront of attracting more #capital to power their #AI ambitions 🕌Middle East #investment funds have the potential to become global players in the booming #artificialintelligence space, given their vigorous push in the advanced #technology sector, according to experts. International investors are particularly taking notice as the region targets untapped markets, clarifies government policies to create advanced tech-friendly environments and integrate AI into all aspects of the private and public sector, industry experts say. Consultancy PwC had estimated the region’s future slice of the world’s AI market at 2 per cent – $320 billion – by 2030. Yet this was predicted about six years ago, before the region attracted billions and sealed partnerships with major western tech leaders such as #Oracle and #Amazon. Most recently, in April, Microsoft entered a $1.5 investment and #partnership with the UAE’s leading AI entity G42. The UAE and Saudi Arabia are at the forefront, as the Arab world's two biggest economies that have focused on diverting away from oil and gas reliance, in pursuit of being recognised as global hubs for tech entrepreneurship and innovation. Global corporations seeking to tap into the region’s anticipated future influence are acting on the offerings. “Compared to global counterparts, Middle Eastern AI funds are still nascent … [but] the growth is expected to be significant,” Mohammed Soliman, director of the strategic technologies and cybersecurity programme at the Washington-based Middle East Institute think tank, told The National. He said that “the region offers a compelling case for AI investors”, as “governments are actively supporting AI development through funds and initiatives”. This is shifting the gaze of global tech heads who are looking to connect to the Middle East and further, said Mr Soliman. Read More…

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Commercial Bank of Dubai's Transformation with Azure: A Story of Innovation and Success 🌐 Commercial Bank of Dubai's evolution through Microsoft Azure demonstrates the impact of technological progression. Our recent achievements highlight how we've revolutionized banking by increasing our customer base fourfold and multiplying transaction volumes by ten in a short span of time. 🔧 Central to Innovation: Created a proprietary, low-code Corporate Internet Banking framework that supports swift deployment and digital innovation. Leveraged Azure’s advanced capabilities, such as Kubernetes, App Service, and DevOps tools, to refine our technological landscape. 🔐 Boosting Efficiency: Enhanced the visibility and control over transactions, delivering exceptional services to our clients. 💡 Looking Forward: Dedicated to persistent tech evolution, we’re establishing new standards in financial services with Azure’s cloud-native solutions. Read more about our journey towards a future, where cloud technology reshapes finance! #CommercialBankofDubai #CBD #Innovation #CloudJourney https://lnkd.in/gR7y35H5

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#OpenBanking and #OpenFinance are set to become the next major wave, creating a vast market and unlocking significant potential in the MENA region. At the "Open Banking Hackathon 2024" in Riyadh, CMA Chairman Muhammad bin Abdullah Al-Quwaiz highlighted the incredible potential of the open banking market, projected to reach a staggering $43 billion by 2026! Join the revolution in financial services and innovation. #OpenBanking #OpenFinance #DigitalTransformation #Fintech

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The FOCUS is not ONLY to just invest, but to build a thriving business . It’s about identifying gems that will create lasting value, not only for the UAE, but for the world and the communities and world around us. #PurposeDrivenInvestment #GlobalImpact #ValueCreation #ThrivingBusinesses #BuildingLegacies #SustainableGrowth #InvestForTheFuture #BusinessWithPurpose #CommunityImpact #GlobalOpportunities MIRAI Capital Global | Justin Kane | Anselmo Chung | Alberto Villarreal | Anshul Gupta | Pankaj Kundra | Yoshihiro Yoshida | Praveer Garg | Emily Xing | Raj Sethi | Partish Dubey | Pritash Mathur | Robert Lim | Antony Cherukara | Mike Walsh | Peter Petrov | Nitish Beri | Dawn Chan | Suresh Raju | Delphine Constantin | Ashish Sinha | Sanjeev Mahajan | Ahmad Zubir Zahid | Andrey Kuropyatnyk, MBA | Akihiko Kanazawa | Voon Ping Seow | Frank Ng | Akshay Sethi | Vignesh GS | Gaurav Gulati

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Al Etihad Payments (AEP), a subsidiary of the Central Bank of The UAE (CBUAE), has partnered with G42's Core42 to initiate the implementation of #OpenFinance in the #UAE. This collaboration aims to establish global standards for open finance and enhance #digital #financialinclusion. Open Finance facilitates secure data sharing and financial transactions, promoting innovation and customer-centric services. Under CBUAE regulations, Open Finance will begin with Open Banking followed by Open Insurance, reaching the majority of customers by 2024. AEP has engaged Ozone API and Raidiam as technology providers within the Core42-led consortium for Open Finance Implementation. This initiative is part of CBUAE’s Financial Infrastructure Transformation (FIT) Programme, which aims to advance the UAE's financial services industry, accelerate digital financial services adoption, and provide consumers with innovative and secure financial products and services. The UAE leads globally in implementing a consolidated trust framework and centralised API hub, ensuring secure access to banking and insurance markets with customer consent. With the launch of Open Finance, Al Etihad Payments is strengthening the UAE's financial services sector and establishing itself as a leader in the global open finance movement. This is an exciting development that will benefit consumers and businesses alike. “The implementation of Open Finance marks a significant advancement in the UAE’s financial services industry and its financial #infrastructure transformation. It will accelerate the adoption of digital financial services, providing more innovative and safer digital financial products and services in the country. In addition, it will provide a seamless financial experience, ensuring consumers have control over their finances and efficient access to a diverse range of financial products.” - Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE. Jan Pilbauer #openbanking #fintech #digitalbanking #psp #payments #finance #fraud #‍digitalbanking #dubai #abudhabi #eu #innovation #startups #sustainability #law #fintech #ksa #india #crypto #leadership #lawenforcement #technology #banking #management #openinsurance #digitalwallets #wallets The Fraud Fellas‍‍

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As His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, meets with Brad Smith, Vice Chair and President of Microsoft, here's an opportunity to summarize the key technology and UAE announcements made since early 2024. ## Microsoft's Strategic Partnership with G42 - AI: Microsoft invested $1.5 bn in UAE-based AI firm G42 with plans to bring AI and digital infrastructure to countries in the Middle East, Central Asia, and Africa. - Cloud: G42 will run its AI applications and services on Microsoft Azure, delivering advanced AI solutions to global public sector clients (Sovereign Cloud) and large enterprises via Khazna Data Centers, a JV company between G42 and e&. - Responsible AI Initiatives: 2 new research centers will be established in Abu Dhabi: an AI for Good Research Lab and a Responsible AI Centre. - Developer Support: a $1 bn fund will be established for developers, boosting AI skills. ## Cisco's Role in Enhancing Collaboration - Cisco announced a new Point of Presence (PoP) for cloud-delivered security services (Secure Service Edge) in the UAE aiming to enhance cyber protection for high-capacity users, infrastructure, and investments against cyber threats. - Microsoft and Cisco have strengthened their partnership, allowing for seamless interoperability between Microsoft Teams and Cisco’s Webex platform, enabling users to switch between Teams and Webex without rebooting or reconfiguration while maintaining access to features from both systems. The collaboration between these tech giants aligns perfectly with the UAE's digital transformation strategy, collectively reinforcing the UAE's position as a global tech and AI and cybersecurity hub in the UAE and broader region, empowering local organizations with cutting-edge AI capabilities and flexible security services. This Microsoft-G42 partnership was achieved despite intense scrutiny from U.S. lawmakers due to G42's previous connections with China, demonstrating the UAE's strong determination to advance its digital transformation strategy and solidify its position as a global tech hub, even in the face of geopolitical challenges. #MicrosoftInUAE #CiscoInUAE #G42 #e& #AbuDhabi #UAE #AIInnovation #DigitalTransformation #Cybersecurity #ResponsibleAI #AIForGood

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National Bank of Fujairah has chosen Intellect Global Transaction Banking | iGTB's eMACH.ai to to enhance its digital capabilities 📲 🏦 🏢 NBF currently serves corporates and SMEs through its network in the UAE, and provides financial services to optimise commercial opportunities AND achieve sustainable growth for their clients. 🇦🇪 ☁ This partnership ALSO marks iGTB's FIRST cloud-managed service in this region and NBF can offer their clients a COMPREHENSIVE suite of solutions 👨‍💻 Manish Maakan, CEO of iGTB commented, “By selecting Intellect Global Transaction Banking, NBF has chosen a strategic technology partner that offers scalability, operational efficiency, and the ability to grow alongside their business. NBF’s commitment to advancing its transaction banking infrastructure reflects the critical role of technology to drive growth and innovation in Commercial Banking.” He added, “This is our first deal to be hosted on eMACH.ai Cloud managed services in the region and is a significant step in UAE’s digital transaction banking landscape. Today, over 60% of the world’s best transaction banks #winwithiGTB and this deal signifies a pivotal step in cementing iGTB’s leadership position within the UAE & GCC market, underscoring our dedication to offering leading-edge digital banking solutions.” Read more on the link below 👇 Uppili Srinivasan Prashant Lalchandani Sachin Salian Shishir J. Amit Gupta Razia Ahmed Rajesh Saxena Nachu Nagappan #UAE #igtb #transactionbanking #digitalbanking #commercialbanking #GCC #cloudbanking #fintech #managedcloud

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The State of Payment in the UAE This report provides a comprehensive overview of the payment landscape in the United Arab Emirates. It highlights how the financial sector of UAE has undergone a major transformation, with the Central Bank of the UAE issuing licenses to several financial institutions marking UAE’s position as a vibrant and innovative player globally. This reflects an expanding regulatory environment and a growing demand for innovative payment solutions. This report gives insight about the technological advancements, regulatory support, and a diverse range of players and entities supporting the consistent growth. ✅ UAE has seen a remarkable increase in digital engagement, with approximately 9 million internet users and 19 million internet phone ✅ It boasts 7 million digital buyers, with diverse payment methods comprising credit cards, debit cards, digital vault, digital wallet, online wire transfers etc. ✅ All these facts are indicating a strong shift towards online shopping, digital inclusion, innovation and digital transactions. ✅ The financial indicators reveal robust growth in the banking and financial sector indicating a healthy economic environment conducive to investment and innovation. ✅ UAE’s payment landscape is characterized by a mix of government initiatives, traditional banks, and fintech companies. ✅ It emphasizes the importance of regulatory support in fostering innovation within the payment sector – e.g. initiatives like Al Etihad Payments and UAE PASS, which has 5 million users. ✅ Astra Tech's acquisition of PayBy and Amazon's takeover of PayFort, highlights the growing interest and investment of the global entities in the UAE's payment sector. ✅ There is a strong boost to Regulatory Environment and Infrastructure Development in UAE; ✅ There is rapid growth in large value payments, swift expansion of the Instant Payment Instruction (IPI) and significant growth in currency issuance; all these developments point towards a robust evolving financial ecosystem. 

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Another step further in designing #UAE as a #AI hub. As soon as a country shows a strong commitment in a challenge the #businesses follow. Beyond the hype #AI is going to reshape the way we imagine the strategies in every business, and #MENA region seems to look far beyond...

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🌟 Exciting Growth in Digital Banking in the UAE 🌟 Digital banks in the UAE are booming! Our CEO, Ghady Rayess, discusses the transformative role of the UAE Central Bank and FinTech innovations in a recent feature at Al Bayan Newspaper. Discover how new licenses, diverse payment solutions, and AI are shaping the future of finance. Read the full article 👇 #DigitalBanking #FinTech #Innovation #UAE

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As e-commerce grows and technology advances, the payments landscape is evolving fast. Could gesture or voice-based payments become the norm? How will AI transform how we transact, and could blockchain disrupt the industry? At the MEA Finance Magazine’s MEA Finance Leaders in Payments Conference in Dubai, Altaf Ahmed, our Director of Digital Payments and Retail Solutions, joined a panel with industry leaders from noon, HSBC, and RAKBANK to address these questions. Under the theme ‘The Path for Payment Gateways,’ they discussed the impact of shifting consumer behaviours, fintech innovations, and the critical role of AI in enhancing payment processes. As leaders in the rapidly advancing digital payments space, we’re excited to take key learnings from today’s event as we continue to build the future of fintech👏 #MEA #eAndenterprise #PaymentGateway #Fintech #Innovation

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Microsoft's $1.5 Billion Investment in UAE's G42: A Game-Changer for Global AI Microsoft's recent $1.5 billion investment in G42, a leading UAE-based artificial intelligence company, marks a significant milestone in the global AI landscape. This video explores the implications of this strategic partnership and its impact on the tech industry. Key points covered: - Overview of G42 and its specializations in AI, cloud computing, and cybersecurity - Microsoft's continued commitment to advancing AI technology - The unique factors that make this deal noteworthy, including geopolitical considerations - Creation of a $1 billion developer fund to foster AI talent in the region - Expansion plans to reach customers in Africa and Central Asia - Importance of collaboration in navigating complex business ecosystems - Microsoft's strategy to impact various aspects of daily life through AI investments - Potential benefits for individuals and society from AI innovation Learn how this partnership showcases the potential for collaboration between tech giants and emerging startups to drive innovation and fuel economic growth, particularly in regions prioritizing AI development. Like, subscribe, and stay updated on the latest developments in business ecosystems with Ecosystemizer! 🔗 Link: https://lnkd.in/ert7hbKp #MicrosoftG42 #YouTube #BusinessEcosystems #Ecosystemizer

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In Tahseen Consulting's #MENA+ #techpolicy insight, you'll read about the #UAE’s Mashreq partnering with DBS Bank on near-instant #crossborder payments, #SaudiArabia’s Saudi Tadawul Group buying a stake in Dubai Mercantile Exchange (DME), #Egypt’s Banque Misr launching a #startup #accelerator, #Pakistan’s Pakistan Telecommunication Authority (PTA) proposing #OTT regulations, 15-year licenses, #Jordan seeing an 11% ▲ in digital payments as #digitalcards hit 6.4M, Qatar Airways exploring a 20% stake in Virgin Australia, Singtel and Grab injecting fresh funds into #Singapore #neobank GXS Bank, and #India's #MeitY overhauling the National Policy on Electronics to boost manufacturing. 🇦🇪 #UAE Abu Dhabi Investment Authority (ADIA) backs $53B hedge fund Jain Global LLC 🇸🇦 #KSA aramco has highest reserves amongst world’s largest oil companies 🇪🇬 #EGYPT Shops to shut by 10 PM as part of energy saving plan 🇵🇰 #PAKISTAN Mashreq Pakistan gets approval for #Islamic banking 🇧🇭 #BAHRAIN Bahrain Mumtalakat Holding Company ("Mumtalakat"​) announces investment in Racing Force Group 🌍 #MENA NVIDIA, Trend Micro partner on #AI #datacenter security 🇹🇷 #TURKEY Interest rate likely to remain at 50% with slowing #inflation 🇹🇷 #TURKEY rules out minimum wage hike to keep inflation in check 🇹🇭 #THAILAND Gulf Energy Development Public Company Limited, Google to launch #cloud operations 🇮🇩 #INDONESIA #EV ambitions get boost from regional supply chain shift 🇮🇳 #INDIA Flipkart launches #fintech #app super.money

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“Microsoft Corp (NASDAQ:MSFT) backed OpenAI’s rival in China, Zhipu AI, is attracting significant foreign investment from Saudi Arabia’s Prosperity7, a part of Aramco’s venture capital arm. Prosperity7’s $400 million investment in Zhipu AI values the start-up at approximately $3 billion, making it the first notable foreign backer for one of China’s leading generative AI companies. Prosperity7’s minority stake in Zhipu’s investment round underscores that “The Saudis don’t want Silicon Valley dominating this industry,” stated a source close to the fund. The geopolitical implications of this investment are significant. Washington’s ban on certain U.S. investments in China’s AI sector and tightened export controls on high-end chips has kept top global tech investors like SoftBank and Tiger Global cautious. For Zhipu AI, foreign investment offers a chance to expand into new markets beyond China, where enterprise service payments are typically low. Additionally, this investment is part of a larger Saudi strategy to enforce stringent requirements on tech deals, which is evident in recent agreements like Lenovo’s $2 billion convertible bonds issue to Alat, a subsidiary of Saudi Arabia’s Public Investment Fund.” This move sends a message

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Thrilled to share insights on Bahrain’s 🇧🇭 financial evolution and the power of open banking! Tune in to the latest podcast episode I recorded with 11:FS where we delve into the transformative impact shaping our industry. Link in comments: Looking forward to unlocking new opportunities together with our partners! #OpenBanking #Fintech

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Fils and Aion Digital partner to help financial institutions integrate ESG principles into services across the Middle East #uaefintech #fintechuae #fintech #fintechnews #finance #technology #tech #technews #ESG #digitalbaking #digitalbanks #MiddleEast #MENA #sustainablefinance

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Network International and Mastercard Partner to Transform UAE’s Commercial Payments Landscape Nandan Mer, Group CEO of Network International commented: “We are delighted to achieve yet another milestone in Network’s 30-year journey of creating world-class digital payments infrastructure and services for clients in the UAE and the wider region. By launching the new Business Payment Solutions for the first time, Network aims to unlock further growth opportunities for businesses and corporations in the UAE. By making progressive inroads into digitisation of commercial payments, Network continues to contribute towards the UAE’s aspirations for a cashless economy.” https://lnkd.in/d6CbKxDM J.K. Khalil #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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The Middle East is on the brink of a digital banking transformation. It’s visible everywhere from the billions being invested in cloud infrastructure to become the next AI superpower, to the luminaries who flocked to this week’s Dubai FinTech Summit. Our colleagues from Lab49 attended the event and noted that in addition to a heavy emphasis on AI, there was a lot of focus on how the financial arena is being disrupted. A confluence of events is driving change. There is the diversification of economies beyond oil, the emergence of a growing number of funds and startups, as well as the appearance of foreign competition including neo banks such as Revolut and Alipay. Lab49 established a presence in the UAE a few years ago anticipating the need for large banks to reimagine their customer touchpoints, and in turn their underlying data and services infrastructure. The fintech summit attracted more than 8,000 people from 118 countries, including Charith Mendis, Head of Worldwide Banking Industry at AWS; Michael Demissie, Head of Applied AI and Practice at Bank of New York; Kfir Godrich, Chief Innovation Officer at Blackrock and Alfonso Castillo, President & CEO of Santander’s U.S. Private Bank. One notable speaker was Nik Storonsky, Founder & CEO of Revolut, a bank created in 2015 that has taken Europe by storm. It has attracted 35 million customers in 38 countries by offering digital-native and mobile-first banking services. Storansky said that Revolut is in the process of applying for a banking license in the region and expects to be operational in 2025. The expansion of digital services in the Middle East has led to an unprecedented increase in the number of people with access to financial services. It was that kind of promise that prompted Mashreq Neo to open the first digital bank in the region in 2017. Mashreq Neo offers a mobile-first banking experience, including transactional accounts, savings accounts, person-to-person payments, insurance, and investment products. For the established banks, a lot of the challenge comes down to offering new products and services, and distributing them in new ways for a changing business demographic while rapidly overcoming their legacy constraints.  Young tech-savvy entrepreneurs expect digital native experiences. Even mature businesses want easier and more efficient ways to manage tax payments, treasury operations, cross border payments, and employee compensation. They want the ability to make wire payments without paying exorbitant fees. Neo banks have grown fast worldwide, but many have struggled to reach profitability in the U.S., the world’s largest market. AI will also be a wildcard. Startups benefit from agility, but incumbents have reams of data and analytics that could help them better anticipate and service client needs. For the incumbent institutions there are risks, but also big opportunities.

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