ABU DHABI - Abdallah Abu-Sheikh, CEO and Co-Founder of Astra Tech, said that the company will launch its first financial services empowered by artificial intelligence (AI) in 2024.

In statements to the Emirates News Agency (WAM) on the sidelines of the Abu Dhabi Financial Week (ADFW), Abu-Sheikh said that Astra Tech plans to enter new financial sectors and make acquisitions in South Asia and India, which are scheduled to be announced in Q1 2024.

He explained that the company is looking to expand into Saudi Arabia to enhance its services in this vital market and that a major launch will be announced in the next quarter. He noted that the company recently completed the acquisition of a bank in the Philippines.

Abu-Sheikh pointed out that the UAE is the first country in the Middle East and North Africa to have a clear agenda and government strategy for AI, making it a role model in applying artificial intelligence technologies at the government level.

He noted the newly launched AI company, AI71, which plans to focus on multiple areas to provide unprecedented solutions and options for global companies and institutions in data control through AI technologies to enhance data privacy and security.