Ministry Of Finance Achieves Global Recognition For AI Innovation In Financial Sector

The Ministry of Finance has been awarded the Innovating for Impact Award in the AI applications category within the financial sector. This recognition took place at the AI for Good Summit 2025, hosted at Geneva's International Conference Centre. Organised by the International Telecommunication Union (ITU) alongside various United Nations agencies, this award highlights the Ministry's leadership in utilising AI across numerous financial functions.

These functions include fraud detection, risk assessment, algorithmic trading, and customer service. The Ministry’s efforts have notably enhanced the efficiency of financial systems while aligning with the nation's sustainable development goals. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that this accolade reflects UAE's successful integration of advanced technologies into government operations to boost efficiency and global competitiveness.

Al Hussaini stated, "The Ministry has adopted an institutional approach that focuses on promoting innovation and fuelling sustainable digital transformation." He highlighted their investment in a flexible technical infrastructure capable of adapting to challenges and adding value to public financial management. This award confirms their success in embedding AI tools into strategies for risk management and operational efficiency.

The Minister also noted that this recognition will inspire the Ministry’s teams to continue their journey towards establishing a balanced, data-driven government financial system. This system aims to support UAE's long-term vision over the next 50 years. He expressed eagerness to strengthen partnerships with regional and international entities to exchange expertise and best practices.

Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, remarked that this achievement reaffirms UAE’s commitment to global leadership in artificial intelligence. He stated, "We believe that innovation is the engine of effective government operations." AlKhoori added that AI is crucial for achieving efficiency and transparency in public financial management.

The Ministry has invested significantly in enhancing its technological capabilities to adapt effectively to changing economic landscapes. AlKhoori mentioned their dedication to fostering a culture of innovation by empowering national talent and encouraging creativity. This approach has led to several high-impact initiatives improving government financial performance.

Global Recognition and Future Goals

An example is an AI-powered smart budget management system using predictive analytics for real-time monitoring of economic indicators. AlKhoori concluded by valuing this recognition as a testament to UAE’s leadership in using advanced technologies for sustainable development. He affirmed their commitment to collaborating with local and international partners for knowledge exchange and impactful outcomes.

The AI for Good Global Summit serves as the United Nations’ official platform for artificial intelligence exploration. Organised by ITU with support from 47 UN agencies and Switzerland's Government, it aims to explore AI's potential, identify transformative applications, develop skills, set standards, and strengthen international partnerships addressing global development challenges.

With inputs from WAM