The Ministry of Finance (MOF) showcased an innovative initiative called “Virtual Mona” during its participation in the GITEX Global 2024 exhibition, which commenced last Monday at the Dubai World Trade Centre.

This project features an AI-powered financial data advisor, underscoring the ministry’s commitment to embracing the latest technological advancements in data management and delivering accurate, comprehensive statistics.

“Virtual Mona” is designed to streamline access to financial data, reducing human errors and boosting the accuracy of analyses through AI technology. The platform also aims to promote transparency by making financial information readily available to stakeholders and enabling employees to easily request and interact with data.

Advanced Technologies

Equipped with a wide range of advanced technologies, Virtual Mona utilises artificial intelligence for data analysis and insights, as well as virtual and augmented reality for interactive data visualization. Generative data analysis further supports this by providing employees with user-friendly access to valuable information.

Targeted at senior management, federal agencies, companies, and Ministry of Finance employees, Virtual Mona is expected to enrich financial reporting across multiple sectors by offering robust, data-driven insights.

A Significant Leap

“The launch of ‘Virtual Mona’ is yet another significant step towards driving the digital transformation of the government financial sector,” H.E. Saeed Rashid Al Yateem, Assistant Undersecretary for Government Budget and Revenue Sector at the Ministry of Finance. said, adding that through this initiative, the ministry seeks to manage financial data in more innovative and efficient ways, Al Yateem added.

“This innovative tool reflects our commitment to developing smart tools that deliver accurate, comprehensive data, supporting strategic financial decision-making with reliable information. It embodies the Ministry’s vision to build a more efficient and transparent government financial system, leveraging artificial intelligence and advanced technologies to serve the needs of government entities, businesses, and individuals alike.

Virtual Mona also enables quick and interactive access to financial information, allowing employees to engage with data more smoothly and flexibly,” he continued.

“Virtual Mona” will also enhance customer awareness by showcasing innovation in the financial sector, adopting advanced data analysis techniques in line with the Ministry of Finance’s commitment to delivering exceptional financial performance within the federal government. It establishes a proactive technical environment for analysing both current and historical financial data.

Additionally, the initiative is set to improve user experience by facilitating direct, accessible interaction in multiple languages for all customer segments. It supports more effective financial management, powered by innovative technology, enabling data-driven decisions that drive progress in the financial sector. The initial phase of the project is set to launch at the end of this month.