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Effective URL: https://www.pymnts.com/news/investment-tracker/2024/microsoft-invests-1-5-billion-in-uae-ai-firm-g42/?utm_source=snapi
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Effective URL: https://www.pymnts.com/news/investment-tracker/2024/microsoft-invests-1-5-billion-in-uae-ai-firm-g42/?utm_source=snapi
Submission: On April 17 via api from BE — Scanned from DE
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WATCH NOW | SUBSCRIBE * Search * PYMNTS TV * Today * B2B * Retail * Fintech * Digital Transformation * Crypto * EMEA * Tracker® Reports * PYMNTS® Intelligence * Markets * More TOPICS * Artifical Intelligence * Connected Car * Buy Now Pay Later * Banking * Cloud * Cross-Border Payments * Gig-Economy * Grocery & Pharmacy * Healthcare Payments * Insurtech * Small & Medium Businesses * Social Platforms * Subscription Commerce * Travel * TechREG® * Real-Time Payments * Restaurants * More Topics FEATURED * SEE ALSO: * Editor’s Picks * Opinion * CE100 Index * Working Capital & Liquidity * Competition Policy International A PYMNTS Company STAY CURRENT * Subscribe * Become a Partner MICROSOFT INVESTS $1.5 BILLION IN UAE AI FIRM G42 By PYMNTS | April 16, 2024 | Microsoft has invested $1.5 billion in Abu Dhabi-based artificial intelligence (AI) firm G42. The investment is the latest in a series of collaborations for the company and marks the latest example of the United Arab Emirates’ (UAE) growing importance in the AI space. “Building on the two organizations’ long-standing collaboration in AI and digital transformation initiatives, Microsoft’s investment deepens the reciprocal commitment to this strategic partnership,” the companies said in a Tuesday (April 16) news release. “G42 will run its AI applications and services on Microsoft Azure and partner to deliver advanced AI solutions to global public sector clients and large enterprises.” The two firms will also collaborate to bring advanced AI and digital infrastructure to nations in the Middle East, Central Asia and Africa, giving these countries “equitable access to services to address important governmental and business concerns while ensuring the highest standards of security and privacy,” the release said. The partnership will also see Microsoft President Brad Smith join the G42 board, with the two companies creating a $1 billion fund for AI developers. “Our two companies will work together not only in the UAE, but to bring AI and digital infrastructure and services to underserved nations,” said Smith. “We will combine world-class technology with world-leading standards for safe, trusted, and responsible AI, in close coordination with the governments of both the UAE and the United States.” Earlier this year, OpenAI CEO Sam Altman said the UAE could serve as a “regulatory sandbox” to experiment with AI and develop global rules for its use. He stressed the need to test AI in a controlled environment before implementing regulations. A report by Bloomberg News at the time said the UAE’s ties to China have raised some alarms in the U.S. G42 has said it would reduce its presence in China to address those concerns. Meanwhile, PYMNTS wrote last month about AI’s potential to reshape industries and drive economic expansion in the Middle East, pointing to a PwC study that forecasts that by 2030, the region could capture 2% of AI’s total global benefits, amounting to roughly $320 billion. “Successful AI development efforts could not only lead to a wave of local creativity and innovation such as new startups, and attracting generation of students to the field, but could spread the resulting prosperity across the region, countering local disbalances and democratizing the knowledge economy to attract the brightest minds,” geopolitical analyst Irina Tsukerman told PYMNTS in an interview. RECOMMENDED Microsoft Invests $1.5 Billion in UAE AI Firm G42 JPMorgan and Codat Team to Drive Virtual Card Adoption Stripe and Urban Outfitters Owner URBN Launch Payments Partnership Rapid Finance Teams With Galileo on Small Business Financing Solution See More In: AI, artificial intelligence, china, funding, G42, Investments, Microsoft, Microsoft Azure, News, PYMNTS News, UAE, United Arab Emirates, What's Hot EUROPEAN BANKING FEDERATION SAYS EU SHOULD STREAMLINE REGULATION By PYMNTS | April 16, 2024 | The European Banking Federation (EBF) is calling on the European Union (EU) to streamline regulation of banks and to declare banks a “strategic sector.” The group is promoting these reforms as a way to boost the competitiveness of the region’s banks, Reuters reported Tuesday (April 16). EBF CEO Wim Mijs told reporters Tuesday during a briefing that Europe must take a hard look at its strategic sectors like defense, energy and manufacturing, which it has “outsourced” to the United States, Russia and China, respectively, according to the report. Banks are making their request for “strategic” status in a formal way for the first time, though EBF President and Deutsche Bank CEO Christian Sewing urged that recognition last year, the report said. It’s not clear what advantages that status would bring, because the EU does not publish a list of strategic sectors, per the report. Banks also called for a streamlining of regulation, saying that while the reforms made after the global financial crisis made the industry more stable, the regulation is now excessive, overwhelming and increasingly overreaching, according to the report. The EBF said regulations should be reviewed in terms of not only stability but also competitiveness and growth, per the report. Critics of demands like this from the banking industry have said that regulation provides stability and must not be undermined, according to the report. In an earlier development in this space, the head of France’s central bank said last May that European banks undergo stricter scrutiny from regulators than their American counterparts and have been more stable amid market upheavals. “Our banks are robust, with substantial capital and liquidity buffers,” Francois Villeroy de Galhau said May 9, 2023, as reported at the time by Bloomberg News from its Future of Finance Forum. “They are all subject to a) stringent Basel requirements and b) to single and strong supervision within the Banking Union since 2014, which on these two regards makes a big difference with many U.S. banks.” In February, the European Council adopted a regulation making instant payments available in euros to consumers and businesses in the EU and European Economic Area nations. RECOMMENDED European Banking Federation Says EU Should Streamline Regulation Can Legacy B2B Payments Coexist With ISO 20022 Migration Strategies? Banks Report Lending Slows as Corporate Borrowers Pay Down Debt Senator Blames ‘Pink Tax’ for Undermining Women’s Financial Wellness See More In: bank regulation, banking, ebf, EU, European Banking Federation, News, PYMNTS News, What's Hot, Wim Mijs TRENDING NEWS European Banking Federation Says EU Should Streamline Regulation Can Legacy B2B Payments Coexist With ISO 20022 Migration Strategies? 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