BM Fintech signs MoU with Centre for AI Innovation
: Partnership to Boost Financial Inclusivity in Qatar
Qatar, Doha, 29 May 2023 – BM Fintech – Bait Al Mashura Finance Consultations and CEAI (Centre for AI Innovation) – MyFinB have signed a memorandum of understanding to promote AI initiatives and cater to the needs of financial institutions, banks, professional services firms, universities, government bodies, NGOs, charity bodies, regulators, corporations, and SMEs in AI and other emerging technologies. The signing event took place on March 14, 2023 at the Sheraton Doha (Al-Majlis Hall) in Qatar, as part of the inaugural session of the 9th Doha Islamic Finance Conference.
CEAI@MyFinB, a leading AI research and development institution, brings its expertise in artificial intelligence and machine learning to the partnership, while BM Fintech, a fintech arm of Bait Al-Mashura Qatar that promotes fintech products and services, capacity building and knowledge mobilization to drive innovation in the financial industry, offers its extensive experience in providing financial and management consultations services to its customers.
The partnership between CEAI and BM Fintech aims to improve access to financial services for individuals and businesses in Qatar. By leveraging the power of technology and innovation, the two organizations seek to provide a more secure and efficient financial ecosystem in the country.
“We are thrilled to partner with CEAI-MyFinB to promote AI initiatives and deliver innovative solutions to businesses in need of cutting-edge technology,” said Prof. M. Nazri, Founder and Chairman of CEAI Global. “Together, we will work towards achieving our goals of transforming the way businesses operate in the digital age.”
Prof. Dr. Khalid Ibrahim Al-Sulaiti, the vice-chairman of Bait Al-Mashura echoed the sentiment, saying, “We are excited to join forces with CEAI-MyFinB Global to cater to the needs of businesses in AI and emerging technologies. The MoU is set to revolutionize the way businesses operate in the digital age and will help us achieve our common vision and commitment of delivering exceptional results to our clients.”
The partnership will focus on the priority areas of high potential growth, including AI. Both parties are committed to delivering innovative solutions that will transform the way businesses operate in the digital age. The partnership’s focus also aligns with each of Qatar’s National AI strategy, which aims to position Qatar as a world leader in the world’s next industrial revolution powered by AI impacting different industries, with a focus respectively on finance, healthcare, and oil and gas, and Qatar Central Bank’s Fintech Strategy, which supports diversification and innovation within financial services to enable Qatar National Vision 2030.
One of the key areas of focus will be the integration of AI in risk management and data governance in digital banking. The use of AI in these areas can bring significant benefits to financial institutions, reducing the risk of credit defaults and improving the accuracy of credit risk assessment, help financial institutions to better manage their data, ensuring compliance with regulations and improving overall data quality.
As part of their partnership, BM Fintech – Bait Al Mashura Finance Consultations and CEAI@MyFinB will be planning a series of AI awareness talks and briefings aimed at educating the public about the potential benefits and risks of AI. These talks and briefings will be open to financial institutions, banks, professional services firms, universities, government bodies, NGOs, charity bodies, regulators, corporations, and SMEs interested in learning more about AI and its applications in the financial industry. The aim of these sessions is to promote a better understanding of AI, its capabilities, and its limitations, in order to facilitate the adoption of AI technologies by businesses in Qatar.
In addition to the awareness talks, the partnership also plans to launch the Future-Ready Institutions (FRI) in Qatar Pilot Program. This program will enable financial institutions, banks, professional services firms, and other businesses adopt AI technologies. The program will provide access to training, resources, and expertise to help businesses implement AI solutions that are tailored to their needs. The FRI program aims to foster a culture of innovation and collaboration among businesses in Qatar, helping them to stay competitive in the digital age and achieve their goals of growth and expansion.
Furthermore, the Centre for AI Innovation (CEAI), Global plans to also launch AI:10 – a weekly AI publication under 10 minutes – with a special section for AI in Qatar. This special section aims to provide a concise and informative overview of the latest developments in AI in Qatar, including emerging trends, best practices, and case studies.
In summary, the partnership will also explore various aspects of digitalisation aimed at enhancing profitability, scaling up operations, and improving customer experience. By leveraging emerging technologies, both parties aim to provide cutting-edge solutions that will help businesses stay ahead of the curve.
For media enquiries, please write in to outreach@ceaiglobal.com or fintech@b-mashura.com respectively.
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About Bait Al-Mashura Finance Consultations
Bait Al-Mashura (Al Bait) is a specialized center for consultations related to finance, investment, management, Shari’ah audit, and professional training. It was established in 2007 and obtained the license from Qatar Central Bank for offering financial and investment consultations, thereby it has become the first Qatari firm to obtain such a license in the State of Qatar.
About MyFinB
MyFinB is an award-winning tech company that specializes in artificial intelligence. The company developed its own natural language platform with predictive and prescriptive narrative capabilities – a niche area that differentiates itself from any others. MyFinB helps people understand and communicate what is most important in their data.
About Centre for AI Innovation (CEAI)
The Centre for AI Innovation (CEAI) forms part of MyFinB Venture’s portfolio of innovative, disruptive projects to guide and support the digital transformation initiatives by organizations and business innovators.
About AIV50
AIV50 is a tech venture company with a portfolio of 50 AI assets in 10 key verticals. The special purpose company forms part of a joint incubation and venture building project by MyFinB Group (MFB) and VSC Portfolio Investments (VSCPI).
