The Banking Executive Magazine - August 2024 Issue

ISSUE 188 AUGUST 2024 the BANKING EXECUTIVE 47 FinTech and AI Chornicle He further remarked “By leveraging AI, MENA countries can diversify their economies, enhance public services, and create high-value jobs, ultimately fostering a resilient and forward-thinking society. This tech- nological evolution is set to redefine the region’s future, ensuring it re- mains competitive and prosperous on the world stage.” However, droppGroup serves as a driving force in the AI and Web3 revolution across the region, leveraging the founda- tional AI model, aMiGO, and the in- novative capabilities of our AEaaS (AI Ethics as a Service) platform drop- pLink and aims to ensure the effi- cacy, transparency, and ethical use of AI through comprehensive IP man- agement and tokenization. The market expert noted that tech companies are advancing towards transforming AI enhancement and deployment in the region by provid- ing cutting-edge solutions that ad- here to the highest standards of data integrity and security in Qatar and across the region. The industry leader accentuated that by partnering with leading educa- tional institutes across MENA, the group co-hosts blockchain and AI educational events. He said, “These initiatives will culti- vate a community well-versed in technology, preparing the next gen- eration for future innovation.” The analyst emphasised that efforts must be centralised on incorporating AI into industries including energy, healthcare, finance, and government services across MENA. He highlighted that countries such as Saudi Arabia and the UAE, are lead- ing the race in investment and regu- lation among the Arab countries. “Their substantial investments in AI and blockchain are driving this new wave of technological innovation and leadership.” Al Monai men- tioned that Saudi Arabia’s national Vision 2030 initiative aims to diver- sify the economy beyond oil by in- vesting heavily in digital transformation, including AI and blockchain technologies. On the other hand, The UAE, with initiatives including the Dubai Blockchain Strategy, is moving towards building a smart city powered by blockchain. The expert outlined that re-educating and reshaping the understanding of Web3 is essential in Qatar and the region throughout. With innovative platforms, such as droppLink, the AI leaders offer robust IP management and protection solu- tions to ensure that AI development and deployment are ethical and se- cure. Al Monai added: “The strategic focus on Web3 technologies in the MENA region is poised to drive significant improvements in productivity, effi- ciency, and innovation, positioning these countries as leaders in the global digital economy." "This vision is not just about techno- logical advancement but also about creating a diversified, knowledge- based economy that can sustain long-term growth and development.” However, on a global scale, the biggest market size is projected to be generated by the United States with a whopping amount of $50.16bn (QR182.65bn) in 2024, according to Statista.