UAE/MasterCard 2024 AI Start-Up Challenge (US$150,000 Prize)

Published: 15 Aug 2024

The UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office, the Mastercard Center for Advanced AI and Cyber Technology in Dubai and First Abu Dhabi Bank (FAB) have announced the launch of their inaugural AI Challenge. In line with the UAE Strategy for Artificial Intelligence, the initiative seeks to fuel the growth of the UAE’s thriving AI landscape and foster new opportunities for AI-focused businesses and talent.

This AI Challenge offers seed and Series A startups the chance to pitch innovative AI solutions in areas like cybersecurity, fintech, and productivity. The winner will receive a $150,000 cash prize, access to Mastercard’s global resources, and fast-track entry into the Start Path program, which helps startups grow through mentoring and global connections. The initiative supports the UAE’s AI growth and provides a valuable opportunity for startups to scale their businesses in a supportive environment. There are 4 different themes for this challenge:

• Risk and Security: Using advanced AI technologies to help organizations better predict, assess, and mitigate potential risks and enhance the accuracy, efficiency, and effectiveness of risk management practices.
• Next-gen Banking and Finance: Leveraging cutting-edge technologies like generative artificial intelligence, blockchain, the Internet of Things (IoT), and advanced data analytics to offer enhanced security, personalized experiences, efficient operations, and innovative products shaping the future of banking and finance.
• Emerging fintech: Revolutionize the financial industry by leveraging advanced technologies such as generative artificial intelligence, blockchain, machine learning, and the Internet of Things (IoT) by enhancing accessibility, efficiency, and personalization of financial services.
• ESG Sustainability: Environmental, Social, and Governance (ESG) and sustainability initiatives are increasingly important in the banking and financial domain driving significant changes in investment strategies, lending practices, risk management, and corporate governance.

UAE/MCF AI Start-Up Challenge

Application Deadline	August 25, 2024
Value	US$150,000
Country to study	United Arab Emirates
Type	Contest
Sponsor	Mastercard Foundation
Gender	Men and Women

Benefits of UAE/MCF AI Start-Up Challenge

• Cash prize of US$150,000.
• Access to Mastercard’s global sponsorships, events, and priceless assets.
• Accelerated enrollment into Mastercard’s global startup engagement program, Start Path.
• Mentoring, innovation opportunities, and engagement with Mastercard’s global network of banks, merchants, partners, and digital players.
• Opportunity to scale the business through the Start Path program, which has supported over 400 startups from 54 countries.

Requirements for UAE/MCF AI Start-Up Challenge

• Seed and Series A startups.
• Must propose innovative AI-driven solutions.
• Focus areas include cybersecurity, generative AI in banking and finance, customer lifecycle management, productivity enhancement, emerging fintech, and ESG.

Application Deadline

August 25, 2024

How to Apply

Interested and qualified? Go to Mastercard Foundation on web.cvent.com to apply