FAB & Microsoft Join Forces for Next-Gen Financial Services

First Abu Dhabi Bank (FAB) and Microsoft have unveiled a strategic partnership aimed at developing cutting-edge AI-based banking capabilities. The collaboration, formalized through a partnership agreement signed today, marks the convergence of the UAE’s largest bank with the prowess of the global technology leader, Microsoft. 

At the heart of this collaboration lies the establishment of an ‘AI Innovation Hub’ dedicated to driving innovation, sustainability, and enhanced customer experiences within the financial services sector. This hub will serve as a nucleus for partnership, focusing on three key thematic areas: innovation through AI, global growth initiatives, and the transformation of financial market ecosystems. Through concerted efforts, the hub aims to expedite the integration of innovative AI technologies into financial services, facilitating product enhancement, personalized solutions, unique AI risk models, and other groundbreaking advancements. 

Building upon FAB’s existing groundwork in AI, including its notable partnership with G42, the initiative marks a significant stride towards technological advancement. FAB’s collaboration with Core42, a G42 company specializing in AI enablement solutions, underscores its commitment to leveraging Microsoft Azure’s cloud and AI solutions for enhanced operational efficiency. 

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.” 

Renowned for its pioneering spirit in technology innovation, FAB has seamlessly integrated its suite of products and services into a digitally driven service model. The bank’s proactive embrace of AI and blockchain technologies has paved the way for a fully digital banking experience, from seamless account opening to comprehensive service requests. 

Aligned with the UAE Strategy for Artificial Intelligence, the establishment of the AI Innovation Hub underscores the nation’s vision to emerge as a global leader in AI by 2031. With a focus on fostering an AI-friendly ecosystem, promoting advanced research, and fostering collaboration, the initiative is poised to accelerate the adoption of AI within the financial services sector. 

By harnessing Microsoft’s Azure AI services, including its revolutionary Generative AI capabilities, FAB aims to catalyze automation and revolutionize operations across the FAB Group. The partnership holds promise for transformative advancements in Banking-as-a-Service and Risk-as-a-Service, with potential applications spanning digital services, lending, and payments across consumer, corporate, and investment banking domains. 

Nimer Basbous (pictured) is Group General Counsel at First Abu Dhabi Bank (FAB).