UAE AI Office joins forces with Chainalysis and ADCB to explore blockchain tech in banking

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Blockchain
UAE AI Office joins forces with Chainalysis and ADCB to explore blockchain tech in banking

The UAE’s Ministry of Artificial Intelligence, Digital Economy and Remote Work Applications Office, in partnership with blockchain analytics firm Chainalysis, has set up a virtual training program for directors and staff of Abu Dhabi Commercial Bank’s (ADCB) at the Coders HQ as part of the National Program for Coders initiatives.

UAE teams with Chainalysis to train government agencies on blockchain

According to Saqr Binghalib, Executive Director of the AI Office, adopting advanced technology is a top priority in the UAE Government’s goal of developing a knowledge-based economy.

The training programs are in line with the objectives of the National Program for Coders, which are to equip the government and private sector with digital tools and improve the educational environment for talented individuals.

Khalid Al Naeemi, Project Manager in UAE’s Ministry of Artificial Intelligence, Digital Economy, and Remote Work Applications Office, started the program with a workshop. He discussed the UAE National Strategy for Artificial Intelligence, one of the many plans leading up to the UAE centennial 2071

Naeemi further discussed the UAE Digital Economy Strategy. Their goal is to engage participants with the UAE’s aspirations in the digital field and the journey of success to make the region a global leader in tech.

Blockchain analytics firm Chainalysis hosted a workshop titled “Future of Banking,” to provide an overview of blockchain and NFT, as well as the future of blockchain in banking and ways to improve its techniques in work models and utilization in creating banking solutions. Through the workshop, ADCB employees gain exposure to AI and blockchain technology, bolstering their skill sets and opening up new investment opportunities to advance the banking industry.

The program addressed the benefits of enhancing security with decentralized technology for processing financial transactions and regulating digital assets. 

UAE’s blockchain push

In July, The UAE’s Ministry of Artificial Intelligence, Digital Economy, and Remote Work Applications Office signed a preliminary agreement with blockchain data platform Chainalysis to provide virtual training programs for government entities throughout the country.

At that time, Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications Office, stated:

“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) relocated to the Metaverse in May. VARA established its Metaverse headquarters, making it the first government regulatory body to establish a presence in the virtual ecosystem.

Sheikh Mohammed bin Rashid, the ruler of Dubai, established VARA to carry out his vision of transforming the emirate into a global blockchain and metaverse hub. Since its inception, VARA has been managing the crypto-assets space in Dubai and developing regulatory frameworks to address investment-related issues.

On the other hand, the Abu Dhabi Global Market (ADGM) plans to collaborate with stakeholders and regulators to develop operational guidelines to oversee the emerging technology space.

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Rony Roy

Rony Roy is an electrical engineer turned tech author in the Cryptocurrency space. He got block-chained in 2012 and fell in love with tech and its use-cases and has been writing his way through innovations in this emerging sector. Over the years, he has worked with multiple Blockchain projects and premier cryptocurrency exchanges both national and international.