October 24, 2023

UAE Ministry of Finance Showcases Metaverse, AI Tools for Citizens

UAE's Ministry of Finance's Participation in GITEX

UAE’s Ministry of Finance’s Participation in GITEX

The UAE Ministry of Finance participated in GITEX Technology Week 2023 to showcase its digital transformation and artificial intelligence leadership.

The ministry demonstrated metaverse solutions for government entities to facilitate client journeys toward a more inclusive future. It also showcased its digital systems, projects, and smart and innovative initiatives in the financial field.

In this regard, the Deputy Ruler of Dubai and Minister of Finance, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, emphasized that the ministry is committed to developing advanced financial solutions that promote growth in various sectors within a secure environment. This will enhance the UAE’s status as a top-tier economic and financial destination.

He said: “The Ministry adopts a proactive approach to provide advanced financial solutions that support various sectors, especially the digital economy and advanced financial technologies.”

During the GITEX event, the ministry exhibited a variety of systems, projects, and digital services. They also showcased several artificial intelligence initiatives, including ChatGPT – Ministry of Finance, a generative AI platform.

In addition to that, they also highlighted the digital procurement platform, the Ministry of Finance Metaverse, the federal asset tracking system, the suggestion platform, the violation reporting service, supplier registration in the federal supplier registry, and public revenue collection and public funds services.

The Ministry of Finance’s Federal Asset Tracking System, which uses metaverse technology, was also reviewed during the event. The system was launched to ensure accurate enumeration and recording of all federal government assets in financial statements. Its goal is to provide a comprehensive overview of all federal government assets, both movable and immovable, displaying their size and value on the ground. This system has been implemented in 24 federal government entities, including the Ministry of Finance. It is integrated with federal systems such as the federal procurement system and the federal financial system, and it automates the asset management process from registration and transfer to inventory and more.

Another AI initiative highlighted during the event was Chat GPT – Ministry of Finance, a generative AI platform showcased through a prototype chatbot. This platform allows government stakeholders to explore virtual applications of physical spaces, interact with realistic simulations, and collaborate with others in a virtual environment. They can use features such as meetings, training simulations, and tours of government facilities. The platform aims to revolutionize customer service and empower the ministry to provide practical client support.

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