UAE Launches AI Challenge with Mastercard and First Abu Dhabi Bank
The UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office, along with the Mastercard Centre for Advanced AI and Cyber Technology and First Abu Dhabi Bank (FAB), have announced the launch of their first ‘AI Challenge’. This initiative is part of the UAE Strategy for Artificial Intelligence and aims to boost the country’s AI landscape and create new opportunities for AI-focused businesses and talent.
Key Figures and Statements
Saqr Binghalib, Executive Director of the UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office, emphasized the importance of partnerships with leading technology companies and innovators to drive the nation’s progress. He stated, ‘The AI Challenge will attract innovators and talented individuals to enhance the country’s coding community and create a nurturing environment for them.’
J.K. Khalil, Division President, East Arabia, Mastercard, highlighted the transformative power of AI, saying, ‘AI is reshaping the way we handle finances, conduct business, and interact with the global economy. The AI Challenge is a natural extension of our innovation-driven partnerships with the UAE and FAB.’
About the AI Challenge
The AI Challenge invites seed and Series A startups to propose innovative AI-driven solutions in areas such as cybersecurity, generative AI in banking and finance, customer lifecycle management, productivity enhancement, emerging fintech, and ESG. The competition will end with a pitch day, where finalists will be evaluated by a panel of experts from the three partners.
The winner will receive a cash prize of $150,000, access to Mastercard’s global sponsorships, events, and assets, and accelerated enrollment into its global startup engagement program, Start Path. Start Path helps startups scale their business through mentoring and innovation opportunities.
How to Participate
Interested applicants can register for the AI Challenge at this link by 25th August 2024.
Background
Last year, Mastercard launched the Centre for Advanced AI and Cyber Technology in Dubai in collaboration with the UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office. The project aims to enhance AI capabilities in the region. Mastercard also has a long-term partnership with FAB to co-create disruptive products and services powered by advanced technology.
