UAE’s Artificial Intelligence Workplace, Mastercard and First Abu Dhabi Bank launch joint AI Challenge
The UAE’s Artificial Intelligence, Digital Economic system and Distant Work Functions Workplace, the Mastercard Center for Advanced AI and Cyber Technology in Dubai, and First Abu Dhabi Bank (FAB) have introduced the launch of their inaugural AI Challenge. In keeping with the UAE Technique for Artificial Intelligence, the initiative seeks to gas the expansion of the UAE’s thriving AI panorama and foster new alternatives for AI-focused companies and expertise.
The problem invitations seed and Collection A startups to suggest revolutionary AI-driven options within the fields of cybersecurity, generative AI in banking and finance, buyer lifecycle administration, productiveness enhancement, rising fintech, and ESG. The competitors will culminate in a pitch day, the place finalists can be assessed by a panel of specialists from the three companions.
The winner will obtain a money prize of US$150,000, entry to Mastercard’s international sponsorships, occasions, and priceless belongings in addition to an accelerated enrolment into its award-winning international startup engagement program Begin Path. Begin Path helps startups scale their enterprise by way of mentoring, innovation alternatives, and engagement with the know-how firm’s international community of banks, retailers, companions, and digital gamers. Since 2014, Mastercard has supported over 400 startups from 54 international locations by way of Begin Path, which have already secured greater than $25 billion in post-program capital.
“The UAE authorities focuses on strengthening partnerships with main know-how corporations, innovators and expertise who search to drive the nation’s progress and prosperity journey. Its efforts purpose to advance technological progress, form the way forward for synthetic intelligence and consolidate the UAE’s place on the forefront of main international locations in future fields. The AI Challenge will contribute to attracting innovators and proficient people to reinforce the nation’s coding group and create a nurturing and stimulating surroundings for them to make use of one of the best of their skills to form a brighter future for our society,” stated Saqr Binghalib, Government Director, UAE’s Artificial Intelligence, Digital Economic system and Distant Work Functions Workplace.
“AI is quick turning into one of many best recreation changers of our time, reshaping the way in which we deal with our funds, conduct enterprise and work together with the worldwide economic system. At Mastercard, we’re devoted to harnessing AI as a drive for good, and we wholeheartedly help the UAE’s imaginative and prescient to spearhead innovation on this house. The AI Challenge is a pure extension of our innovation-driven partnerships with the UAE’s Artificial Intelligence, Digital Economic system and Distant Work Functions Workplace and FAB that builds on our shared dedication to supporting the nation’s thriving startup scene,” stated J.Okay. Khalil, Division President, East Arabia, Mastercard.
Mastercard is main the way in which in using AI and is ramping up its investments in AI governance, know-how, and expertise. The corporate has been utilizing AI for greater than 15 years, and as we speak, it’s a essential instrument for the options it gives to its clients. Leveraging the facility of AI, Mastercard protects the 125 billion+ transactions it processes on its community yearly at velocity and scale. The corporate’s AI-powered options have saved billions of {dollars} in fraud.
Final yr, Mastercard launched the Middle for Superior AI and Cyber Know-how in Dubai in collaboration with the UAE’s Artificial Intelligence, Digital Economic system, and Distant Work Functions Workplace. The undertaking seeks to reinforce AI capabilities and readiness within the area. The worldwide know-how firm additionally has a long-term partnership with FAB that focuses on co-creating disruptive merchandise and providers powered by superior know-how.