Challenge invites startups to propose AI solutions for different sectors including cybersecurity and GenAI in banking and finance
The UAE’s Artificial Intelligence (AI), Digital Economy and Remote Work Applications Office has announced the launch of the inaugural ‘AI Challenge’ in collaboration with the Mastercard Center for Advanced AI and Cyber Technology in Dubai and First Abu Dhabi Bank (FAB).
In line with the UAE strategy for AI, the AI challenge aims to fuel growth across the UAE’s thriving AI landscape. In addition, it seeks to foster new opportunities for AI-focused businesses and talent.
Strengthening partnerships with tech companies
“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 AI, and consolidate the UAE’s position at the forefront of leading countries in future fields,” stated Saqr Binghalib, executive director of the UAE’s AI Office.
Binghalib added that the AI challenge will contribute to attracting innovators and talented individuals to enhance the UAE’s coding community. Moreover, it will create a nurturing and stimulating environment for talents to use the best of their abilities to shape a brighter future for society.
Read: Google Cloud opens new offices in Kuwait to drive transformation, accelerate smart economy
Winner to receive $150,000 cash prize
The UAE’s AI challenge invites seed and Series A startups to propose innovative AI solutions in cybersecurity, generative AI in banking and finance, and customer lifecycle management. Moreover, it seeks solutions for productivity enhancement, emerging fintech and ESG. The competition will culminate in a pitch day, during which a panel will assess the finalists.
The winner of the challenge will receive a cash prize of $150,000, access to Mastercard’s global sponsorships, events and other assets. Moreover, the winner will receive an accelerated enrolment into its award-winning global startup engagement program, Start Path. Start Path helps startups scale their business through mentoring, innovation opportunities, and engagement with its global network.
Since 2014, Mastercard has supported over 400 startups from 54 countries through Start Path. Those startups have already secured more than $25 billion in post-program capital.
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