Mastercard Ignites UAE's AI Drive: Premier AI Challenge Debuts

Published Date: 13/07/2024

Mastercard, UAE's Artificial Intelligence, Digital Economy and Remote Work Applications Office, and First Abu Dhabi Bank (FAB) have joined forces to launch an AI challenge, aligning with the UAE's AI strategy to integrate technology at all levels.

"The UAE's Artificial Intelligence strategy, launched in 2017, aims to integrate AI technology across the country. Seven years on, organizations are still working to align themselves with this vision. Mastercard, UAE's Artificial Intelligence, Digital Economy and Remote Work Applications Office, and First Abu Dhabi Bank (FAB) have joined forces to launch an inaugural AI challenge. This initiative seeks to fuel the growth of the UAE's AI landscape and foster new opportunities for AI-focused businesses and talent.

The challenge invites seed and Series A startups to propose innovative AI-driven solutions in fields such as cybersecurity, generative AI in banking and finance, customer lifecycle management, productivity enhancement, emerging fintech, and ESG. The competition will culminate in a pitch day, where finalists will be assessed 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 priceless assets. They will also receive accelerated enrollment into Mastercard's award-winning global startup engagement program, Start Path. Since 2014, Mastercard has supported over 400 startups from 54 countries through Start Path, securing more than $25 billion in post-program capital.

Saqr Binghalib, executive director of UAE's Artificial Intelligence, Digital Economy and Remote Work Applications Office, emphasized the importance of partnerships in driving the nation's progress and prosperity. He stated, 'The challenge will contribute to attracting innovators and talented individuals to enhance the country's coding community and create a nurturing environment for them to shape a brighter future for our society.'

J.K. Khalil, division president, East Arabia, Mastercard, reiterated the company's commitment to harnessing AI as a force for good. He said, 'AI is fast becoming one of the greatest game changers of our time, reshaping the way we handle our finances, conduct business, and interact with the global economy.'

Mastercard has been using AI for over 15 years and has saved billions of dollars in fraud through its AI-powered solutions. The company launched the Center for Advanced AI and Cyber Technology in Dubai last year, in collaboration with the UAE's Artificial Intelligence, Digital Economy and Remote Work Applications Office, to enhance AI capabilities and readiness in the region.

  Information 

Mastercard is a global technology company that operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments, and businesses in more than 210 countries and territories.

UAE's Artificial Intelligence, Digital Economy and Remote Work Applications Office is a government entity responsible for advancing the country's AI strategy and promoting a digital economy.

First Abu Dhabi Bank (FAB) is a leading bank in the UAE, offering a range of financial services to individuals, businesses, and governments."

FAQs:

"Q: What is the aim of the UAE's Artificial Intelligence strategy?

A: The strategy aims to integrate AI technology across the country.

Q: What is the prize for the winner of the AI challenge?

A: The winner will receive a cash prize of $150,000, access to Mastercard's global sponsorships, events, and priceless assets, and accelerated enrollment into Mastercard's award-winning global startup engagement program, Start Path.

Q: What is Mastercard's Start Path program?

A: Start Path is a global startup engagement program that helps startups scale their business through mentoring, innovation opportunities, and engagement with Mastercard's global network of banks, merchants, partners, and digital players.

Q: How many startups has Mastercard supported through Start Path?

A: Mastercard has supported over 400 startups from 54 countries through Start Path since 2014.

Q: What is the goal of the Center for Advanced AI and Cyber Technology in Dubai?

A: The center aims to enhance AI capabilities and readiness in the region."

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