The UAE launched its ‘Strategy for Artificial Intelligence’ (AI) in 2017 to integrate the use of the technology at all levels within the country. Seven years later, organisations continue to align themselves with the strategy, especially as AI’s popularity reaches new heights. The latest firms working to accelerate the UAE’s AI standing are Mastercard, UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office, and First Abu Dhabi Bank (FAB).
Together, the firms have launched an inaugural AI challenge. The 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 the fields of:
cybersecurity
generative AI in banking and finance
customer lifecycle management
productivity enhancement
emerging fintech
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. It will also receive accelerated enrolment into Mastercard’s award-winning global startup engagement program Start Path.
Start Path helps startups scale their business through mentoring, innovation opportunities and engagement with the technology company’s global network of banks, merchants, partners and digital players. Since 2014, Mastercard has supported over 400 startups from 54 countries through Start Path, which has already secured more than $25billion in post-program capital.
Advancing technological progress
Saqr Binghalib, executive director, UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office
“The UAE government focuses on strengthening partnerships with leading technology companies, innovators and talent who seek to drive the nation’s progress and prosperity journey. Its efforts aim to advance technological progress, shape the future of artificial intelligence and consolidate the UAE’s position at the forefront of leading countries in future fields,” said Saqr Binghalib, executive director, UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office.
He continued: “The challenge will contribute to attracting innovators and talented individuals to enhance the country’s coding community and create a nurturing and stimulating environment for them to use the best of their abilities to shape a brighter future for our society.”
J.K. Khalil, division president, East Arabia, Mastercard
J.K. Khalil, division president, East Arabia, Mastercard 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.
“At Mastercard, we are dedicated to harnessing AI as a force for good. We wholeheartedly support the UAE’s vision to spearhead innovation in this space. The AI Challenge is a natural extension of our innovation-driven partnerships with the UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office and FAB that builds on our shared commitment to supporting the country’s thriving startup scene.”
Mastercard’s impact on the AI space
Mastercard is ramping up its investments in AI governance, technology and talent. The company has been using AI for more than 15 years, and today, it is critical instrument for the solutions it provides to its customers.
Leveraging the power of AI, Mastercard protects the 125 billion+ transactions it processes on its network every year at speed and scale. The company’s AI-powered solutions have saved billions of dollars in fraud.
Last year, Mastercard launched the Center 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 seeks to enhance AI capabilities and readiness in the region. The global technology company also has a long-term partnership with FAB that focuses on co-creating disruptive products and services powered by advanced technology.
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