US-based technology company IBM and the Department of Science and Technology, Government of Gujarat, have signed a Memorandum of Understanding (MoU) to create and promote an Al Cluster in Gujarat International Finance Tec (GIFT) City.

The collaboration aims to leverage IBM's watsonx to foster innovation and cooperation among financial institutions in GIFT City.

Speaking on the occasion, Gujarat Chief Minister Bhupendrabhai Patel, "This MoU with IBM will help Gujarat to lead the country in efforts to adopt Al and drive digital transformation."

As part of this MOU, IBM will provide software technologies and platforms over a cloud environment enabling financial institutions to customize and fine-tune large language Al models in a sandbox environment. IBM will also aim to build a Digital assistant-based solution that facilitates the onboarding and integration of these customized large language models for financial institutions.

"Using Al for business is a strategic priority for enterprises today to gain competitive advantage through better productivity, innovation and customer experience," said Sandin Patel. Managing Director, IBM India & South Asia.