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.

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 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 US$150,000, access to Mastercard’s global sponsorships, events and priceless assets as well as 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 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 have already secured more than $25 billion in post-program capital.

“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. The AI 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,” said Saqr Binghalib, Executive Director, UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office.

“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, and 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,” said J.K. Khalil, Division President, East Arabia, Mastercard.

Mastercard is leading the way in utilizing AI and 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 dolloars 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.