First Abu Dhabi Bank (FAB), the UAE’s largest bank, and Microsoft have inked a strategic business partnership to collaborate on developing new AI-based banking capabilities. The partnership aims to usher in an era of innovation in financial services through the launch of an ‘AI Innovation Hub’.

The AI Innovation Hub will be a focal point for innovation, sustainability, and customer experience enhancement. It will facilitate collaboration in three main thematic areas – innovation through AI, driving global growth, and shaping the future of financial market ecosystems. The hub’s objective is to expedite the integration of new innovations and AI technology into financial services, offering product enhancement, personalization, unique AI risk models, and other advancements.

Building on FAB’s existing work in AI, including its partnership with G42, the bank will join forces with Microsoft to accelerate the migration of its data centre and workload to Microsoft Azure. This collaboration will grant FAB access to Azure’s cloud and AI solutions, further propelling its technological advancements.

Hana Al Rostamani, Group Chief Executive Officer at FAB, said: “The AI Innovation Hub marks another milestone for the bank in setting a bold agenda for innovation. In partnering with Microsoft, a recognised global leader in AI, we are demonstrating our ambition to accelerate advances in generative AI, intelligent automation, and machine learning.”

Naim Yazbeck, UAE General Manager at Microsoft Gulf, said: “We are excited to partner with FAB on this strategic initiative that is a testimonial of FAB’s aspiration to leverage the power of generative AI as a platform for innovation and industry disruption. Together with FAB, we are set to build ground-breaking capabilities that will translate FAB’s leadership and vision as a market innovator and trendsetter both regionally and globally.”

The AI Innovation Hub aligns closely with the UAE Strategy for Artificial Intelligence, aiming to position the UAE as a global leader in AI by 2031. By fostering an AI-friendly ecosystem and promoting collaboration, the initiative seeks to accelerate the adoption of AI across sectors.

This partnership signifies FAB’s commitment to maintaining its competitive leadership as an innovative, AI-enabled, sustainable, and secure bank. Leveraging Microsoft’s Azure AI services, including Azure Generative AI capabilities, FAB aims to revolutionize operations throughout the FAB Group, potentially impacting areas such as Banking-as-a-Service and Risk-as-a-Service.

As FAB and Microsoft embark on this transformative journey, they aim to pioneer groundbreaking capabilities that will redefine the banking landscape, both regionally and globally, setting new standards for innovation and customer experience in the financial services industry.