27 Dec 2022
UAE AI Office collaborates with Chainalysis and ADCB to study blockchain technology in banking
To achieve the UAE Government's goal of creating a knowledge-based economy, adopting innovative technology is a top priority, according to Saqr Binghalib, Executive Director of the AI Office.
As part of the National Program for Coders, the UAE Ministry of Artificial Intelligence, Digital Economy, and Remote Work Applications Office has collaborated with blockchain analytics firm Chainalysis to set up a virtual training program at the Coders HQ for directors and employees of Abu Dhabi Commercial Bank (ADCB).
The goals of the National Program for Coders, which are to provide the public and private sectors with digital resources and to enhance the educational opportunities available to talented individuals, are reflected in the training programs. The program started with a workshop led by Khalid Al Naeemi, Project Manager at the UAE Ministry of Artificial Intelligence, Digital Economy, and Remote Work Applications Office. The United Arab Emirates (UAE) National Strategy for Artificial Intelligence was one of the many initiatives he covered in preparation for the UAE centennial in 2071. Naeemi continued talking about the UAE Digital Economy Strategy. The United Arab Emirates (UAE) hopes to inspire attendees with its digital ambitions and the path it has taken to become a global leader in tech.
Chainalysis, a blockchain analytics firm, recently held a workshop titled “Future of Banking” to discuss the current state of the blockchain industry, the potential of NFT, and the future of blockchain in banking. The workshop introduces ADCB staff members to AI and blockchain technology, enhancing their skill sets and allowing for novel financial opportunities. They discussed the advantages of utilizing distributed ledger technology for handling financial transactions and controlling digital assets in the program's course. In addition, the United Arab Emirates (UAE) Ministry of Artificial Intelligence, Digital Economy, and Remote Work Applications Office signed a memorandum of understanding (MoU) with blockchain data platform Chainalysis in July to provide e-learning courses for UAE government agencies.
A statement made at the time by Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications Office, reads as follows:
“Blockchain technology is key to creating innovative solutions for future challenges, which contributes to developing government work and new technologies that enhance the UAE’s leading position globally.”
The Dubai Virtual Assets Regulatory Authority (VARA) jumped to the Metaverse in May. VARA was the first government regulatory agency to set up shop in the Metaverse with its headquarters. To make Dubai a global hub for blockchain and metaverse technology, Dubai's ruler, Sheikh Mohammed bin Rashid, founded VARA to realize his goal. VARA has been overseeing Dubai's crypto-assets industry and creating regulatory frameworks to address investment-related issues since the organization's inception. However, the Abu Dhabi Global Market (ADGM) is planning to work with relevant parties and authorities to establish rules for managing the emerging technologies sector.
Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.
