- Joint initiative by UAE’s AI Office, Mastercard, and FAB to launch inaugural AI Challenge.
- Aimed at fostering AI innovation aligned with UAE’s AI Strategy.
- Open to seed and Series A startups in cybersecurity, generative AI, fintech, and ESG.
- Winner receives $150,000, access to global resources, and enrollment in Mastercard’s Start Path program.
- Initiative supports UAE’s goal to lead in AI and attract global tech talent.
Main AI News:
The UAE’s Artificial Intelligence Office, Mastercard, and First Abu Dhabi Bank have jointly announced the launch of their inaugural AI Challenge. This initiative, in alignment with the UAE Strategy for Artificial Intelligence, aims to bolster the nation’s thriving AI landscape and create new opportunities for AI-focused businesses and talent. The challenge invites seed and Series A startups to propose innovative AI-driven solutions across cybersecurity, generative AI in banking and finance, customer lifecycle management, productivity enhancement, emerging fintech, and ESG. Finalists will participate in a pitch day, where they will present their ideas to a panel of experts from the three partners.
The winning startup will receive a significant cash prize of US$150,000, along with access to Mastercard’s extensive global sponsorships, events, and invaluable assets. Additionally, they will benefit from accelerated enrollment into Mastercard’s acclaimed global startup engagement program, Start Path. Since its inception in 2014, Start Path has enabled over 400 startups from 54 countries to scale their businesses through mentorship, innovation opportunities, and access to a vast network comprising banks, merchants, partners, and digital players. These startups have collectively raised more than $25 billion in post-program capital.
“The UAE government is committed to forging partnerships with leading technology firms, innovators, and talent who are dedicated to driving the nation’s progress and prosperity,” remarked Saqr Binghalib, Executive Director of the UAE’s Artificial Intelligence Office. “Our efforts aim to propel technological advancements, shape the future of AI, and solidify the UAE’s position among the forefront of nations leading in future fields. The AI Challenge will play a pivotal role in attracting innovators and talented individuals, enriching the country’s coding community, and fostering a nurturing environment where they can leverage their skills to forge a brighter future for society.“
“AI is rapidly emerging as one of the most transformative forces of our time, reshaping financial management, business practices, and global economic interactions,” said J.K. Khalil, Division President, East Arabia, Mastercard. “At Mastercard, we are dedicated to harnessing AI for positive impact and fully support the UAE’s vision to spearhead innovation in this domain. The AI Challenge extends our innovation-driven partnerships with the UAE’s AI Office and FAB, reinforcing our shared commitment to bolstering the country’s dynamic startup ecosystem.”
Mastercard has been a pioneer in leveraging AI, with over 15 years of experience in utilizing AI-powered solutions to protect the more than 125 billion transactions processed annually on its network. These solutions have not only enhanced security but have also saved billions of dollars in fraud. Last year, Mastercard established the Center for Advanced AI and Cyber Technology in Dubai in collaboration with the UAE’s AI Office, further enhancing regional AI capabilities. The global technology leader also maintains a longstanding partnership with FAB, focused on co-creating disruptive products and services powered by advanced technology.
Conclusion:
The UAE’s AI Challenge, led by Mastercard and FAB in collaboration with the UAE’s AI Office, marks a significant effort to propel the nation’s AI ecosystem forward. By incentivizing innovative AI solutions through substantial rewards and global exposure, this initiative not only supports local startups but also enhances the UAE’s reputation as a hub for AI innovation. It underscores a strategic commitment to leveraging AI for economic growth and technological advancement, positioning the UAE competitively in the global AI landscape.
