Dubai's IFC and Accenture to collaborate on world-leading FinTech hub

29 May 2018

The Dubai International Finance Centre has signed a memorandum of understanding with professional services heavyweight Accenture aimed at solidifying Dubai as a world leader in FinTech.

The memorandum is a signification of the collaboration between the two parties which will support and boost digital innovation in the financial sector. The Dubai International Financial Centre (DIFC) is one of the world’s top ten financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA) region.

The DIFC operates the first financial technology accelerator across the region called FinTech Hive in partnership with Accenture. The accelerator programme helps innovators and early stage start-ups create valuable international relationships and collaborates with Accenture’s other FinTech labs in New York, London and Hong Kong.

The success of the FinTech Hive programme and the memorandum of understanding together show a tangible realisation of the Dubai Vision 2021. Dubai’s strategic plan began in 2015 and has six vital pillars to build on to ensure the continued development and sustainable growth of the city. At the centre of this vision is cementing the city as a pivotal hub in the global economy and a meeting point between East and West.

Arif Amiri, Chief Executive Officer of DIFC Authority, said; “This agreement leverages DIFC’s position as the top Fintech hub in the region and Accenture’s expertise in shaping a world-class innovation platform. The UAE’s position as a hub for financial institutions and for innovative talent gives the FinTech Hive at DIFC a competitive advantage for fostering FinTech growth.”

“What sets us apart is our ability to harness the assets to grow Fintech locally that will ultimately create more jobs, attract investments and support the economy as a whole. By teaming up with Accenture’s FinTech Innovation Labs from around the world, we aim to utilise this demand to support innovation and growth as well as strengthen Dubai’s position as one of the world’s top 10 FinTech hubs,” Amiri continued.Accenture and the Dubai International Financial Centre sign a memorandum of understanding Sushil Saluja, a senior managing director in Accenture’s Financial Services practice, said; “We are excited to further grow our fruitful partnership with the DIFC. Accenture will facilitate and create ties between the DIFC accelerator and our FinTech Innovation Labs in Europe, North America and Asia.

Saluja continued, “In today’s hyper-connected world, this type of alliance is critical for maximising talent development and innovation. With surging demand for FinTech solutions and Dubai’s increasing presence on the global financial scene, we are confident that this international collaboration will generate incredible opportunities for the region.”

Accenture is no foreigner to digital innovation initiatives in Dubai, teaming up with Dubai Expo 2020 as an official partner and collaborating with SAP to roll-out next-generation technology for the event. The showcae will run for six months from October 2020 and will have a “real-time digital core, with the streamlined technology infrastructure that can drive innovation and deliver unique participant and visitor experiences,” according to Accenture’s Communications, Media & Technology lead for the Middle East and Turkey, Gerardo Canta.

Canta continued, “Data has the power to disrupt by shining a light on new insights that can improve the visitor experience for Expo 2020 Dubai. Our work with Expo 2020 Dubai and SAP is built on innovative ideas and solutions that will not only help make internal processes more effective, but also uncover new opportunities to attract visitors and amplify their experiences on-site.”

EY launches advanced tool to assess trustworthiness of AI technology

12 April 2019

Global professional services firm Ernst & Young has announced the release of an advanced analytical tool to assess the trustworthiness of artificial intelligence.

Enabled by Microsoft Azure, the EY Trusted AI platform released by the global professional services firm Ernst & Young produces a technical score of an artificial intelligence system by leveraging advanced analytics to evaluate its technical design, measuring risk drivers including its “objective, underlying technologies, technical operating environment and level of autonomy compared with human oversight.”

Aimed at helping to resolve the issue of trust in technology, which the firm contends is the biggest barrier to wider AI adoption, the new tool’s risk scoring model is based on the ‘EY Trusted AI conceptual framework’ launched last year, which speaks to embedding trust mechanisms in an AI system at the earliest stages around the core pillars of ethics, social responsibility, accountability and explainability, and reliability.

“Trust must be a front-line consideration, rather than a box to check after an AI system goes live,” said Keith Strier, EY’s Global Advisory Leader for Artificial Intelligence. “Unlike traditional software, which can be fixed, tested and patched, if a neural network is trained on biased data, it may be impossible to fix, and the entire investment could be lost.”AI system overviewUsers of the new solution such as AI developers, executive sponsors, and risk professionals will be able to garner deeper insights into a given AI system to better identify and mitigate risks unique to artificial intelligence technology, with the platform score produced by the tool subject to a complex multiplier based on the impact on users – taking into account potential unintended consequences such as social and ethical implications.

According to the firm, it’s the first solution designed to help enterprises evaluate, monitor and quantify the impact and trustworthiness of AI, while an evaluation of governance and control maturity further serves to reduce residual risks and allow greater planning – helping to safeguard “products, brands, relationships and reputations” in the contemporary risk environment.

“If AI is to reach its full potential, we need a more granular view – the ability to predict conditions that amplify risks and then target mitigation strategies for risks that may undermine trust, while still considering traditional system risks such as reliability, performance and security,” said EY Global Trusted Artificial Intelligence Advisory Leader Cathy Cobey.

Offered as a standalone or managed service – which will be regularly updated with new AI risk metrics, measurement techniques and monitoring tools – the new solution will be available to clients globally this year, with further features including a guided interactive, web-based interface and a function to drill down for additional detail, as well as the ability to perform dynamic risk forecasting on when an AI component changes – such as an agent’s functional capabilities or level of autonomy.