BML and MINDCo partner to establish AI and Data Centre

The Maldives Innovation and Digital Company (MINDCo) and Bank of Maldives (BML) signed a Memorandum of Understanding (MoU) today to establish an AI and Data Competency Centre.

BML stated that this is a national-level project conducted under the government's 'Maldives 2.0' digital transformation agenda.

The bank further noted that establishing this center reflects the government's vision to strengthen governance and utilize Artificial Intelligence (AI) and data in the delivery of public services.

According to BML, the center will serve as a national resource to assist state institutions and key economic sectors in using data and AI in a safe and responsible manner.

"The primary goal of this center is to improve public services, increase the capacity of institutions, and provide solutions required to build a resilient economy in order to achieve the country's development priorities," BML said.

The center is set to collaborate with the Maldivian private sector, inviting them to participate in developing AI and data tools to find practical solutions for challenges faced by various government sectors.

Additionally, BML mentioned that the center will work through strategic efforts with Maldivian technology companies, startups, and experts in the field to facilitate the use of new innovations and technologies.

Consequently, BML stated that this center will pave the way for secure, efficient, and scalable solutions for providing public services in alignment with national priorities. While MINDCo takes the lead in establishing the center, BML is participating in the project as a strategic partner to assist during the initial phases.

BML’s expertise in areas such as digital payments and financial technology, along with its ongoing experience in using data and AI, will support making this a successful project.

Under this agreement, utilizing BML's financial sector experience, practical insights, and digital capabilities will strengthen public service systems, improve service quality, and make it easier for government agencies to make informed decisions based on data.

BML noted that this partnership will further enhance the positive changes and advancements already occurring in the Maldives' financial and payment systems.

Furthermore, it was stated that this would facilitate aligning and strengthening the ongoing projects to digitize state institutions with the rapidly developing digital financial framework in the Maldives.

"The biggest aim of this center is to use the experience BML has gained from efforts such as providing services using secure digital resources and payment systems to deliver the center's services to the public as quickly and responsibly as possible," the bank said.

BML stated that the work of the center, which is scheduled to be carried out in phases, will commence this coming April.