The Central Bank of the UAE (CBUAE) unveiled its “Innovation Hub” at the Emirates Institute of Finance (EIF), aimed at advancing research and development in financial services. This initiative aligns with the UAE’s vision of fostering technological transformation and building specialised expertise in financial innovation.
The launch event in Dubai was attended by key figures, including CBUAE Governor Khaled Mohammed Balama and EIF board members. The Hub is part of the “Financial Infrastructure Transformation Programme,” featuring nine initiatives to drive digital transformation across the financial landscape.
Key Features of the Innovation Hub
The facility includes six state-of-the-art labs—Learning Lab, Digital Lab, Reg Lab, Think Lab, Collab Lab, and Future Lab—designed to support research and innovation. These labs provide a collaborative platform for students, researchers, and finance professionals to explore solutions to industry challenges.
CBUAE Governor Balama emphasised the Hub’s significance:
“The launch of the Innovation Hub embodies the Central Bank’s strategic objectives of establishing robust and innovative financial market infrastructure, and support shaping the future of the UAE’s financial technology and digitalisation journey.”
The event highlighted advanced technologies and global AI applications, showcasing the Hub’s potential to drive innovation.
Strategic Collaborations
CBUAE signed a partnership with Microsoft to enhance digital efficiency and offer AI training to 10,000 professionals in the financial sector. Microsoft UAE’s General Manager, Naim Yazbeck, said:
“By training over 10,000 professionals in the financial sector to use AI, we are fostering local talent and ensuring expertise.”
Additionally, agreements with Udacity, Accenture, and Ernst & Young (EY) aim to upskill thousands of learners in areas like data analytics and cybersecurity. Omar Boulos, Accenture Middle East CEO, and EY’s Khurram Mian expressed their commitment to supporting these initiatives through innovative learning platforms and professional certifications.
Broader Impact
The Hub supports the UAE’s national strategy to position itself as a global leader in the digital economy under the “We, the UAE 2031” plan.
