Abu Dhabi Investment Office (ADIO) and Mastercard have signed a landmark agreement to launch the Digital Partnership Program in Abu Dhabi, aimed at stimulating the emirate’s economic development and enhancing the quality of government services through Mastercard’s payment infrastructure.
The signing event took place during the Abu Dhabi Finance Week (ADFW), WAM reported. This initiative is part of Mastercard’s Digital Country Partnership (DCP) program, which offers a distinctive framework for collaboration to meet essential innovation, productivity, and economic goals.
Addressing challenges through technology
DCPs provide a focused and flexible approach to implementing the latest advancements in payments, security, and Artificial Intelligence, addressing significant social and economic challenges encountered by governments, businesses, and citizens alike.
The Abu Dhabi Digital Partnership Program is designed to introduce cutting-edge financial technologies to digitize government payment systems, foster the growth of small and medium-sized enterprises (SMEs), and empower fintech companies through Hub71, Abu Dhabi’s international tech ecosystem.
Collaboration on AI and blockchain solutions
Additionally, Mastercard’s Advanced AI Centre of Excellence will work alongside ADIO to create innovative AI and blockchain solutions, enhancing the emirate’s gaming sector and other rapidly expanding industries.
Exploring business opportunities
As part of the agreement, ADIO and Mastercard will team up to explore business opportunities within Mastercard’s portfolio that can cater to both regional and global markets, collaboratively developing financial solutions. These initiatives will capitalize on Abu Dhabi’s sophisticated financial infrastructure and supportive business environment to generate significant, sustainable economic benefits.
Supporting payment digitalization
ADIO and Mastercard plan to further promote payment digitalization by collaborating with key stakeholders in Abu Dhabi to deliver customized financial products and tools. These services will further improve existing customer offerings and better meet the needs of local communities, including initiatives like providing prepaid cards to the unbanked for pension payments. Such innovative solutions hold the potential for global influence, positioning Abu Dhabi as a frontrunner in the financial services industry.
Prepaid travel cards for diverse populations
The partnership will also introduce prepaid travel cards tailored for Abu Dhabi’s growing traveler and expatriate demographics. Moreover, by integrating with Mastercard’s priceless.com platform, Abu Dhabi will gain dedicated marketing channels, a personalized landing page, and access to Mastercard’s global network, showcasing attractions including hotels, museums, and entertainment events.
Building a digitally connected economy
Badr Al-Olama, director-general of ADIO, highlighted the importance of building a digitally connected economy as vital to Abu Dhabi’s economic transformation. He also emphasized that through the partnership with Mastercard, they would enhance Abu Dhabi’s reputation as a leader in innovative digital services, empowering SMEs, attracting global talent, and boosting the emirate’s flourishing tourism sector. Furthermore, he noted that this initiative represents a significant advancement in their digital transformation journey, aligning with their vision for a future where businesses and communities prosper and the economy sets benchmarks for sustainable growth.
Enhancing financial inclusion
Dr. Dimitrios Dosis, president of Eastern Europe, the Middle East, and Africa at Mastercard, expressed excitement about partnering with ADIO to shape Abu Dhabi’s future as a global center for innovation and economic progress. He underscored that the collaboration highlights Mastercard’s commitment to deploying transformative technologies and enhancing financial inclusion to create meaningful impact.
