Mastercard, in collaboration with the UAE Artificial Intelligence, Digital Economy and Remote Work Applications Office and First Abu Dhabi Bank (FAB), has launched the inaugural Mastercard AI Start-Up Challenge. This initiative aims to boost the UAE's AI ecosystem and aligns with the DUB.AI blueprint.

Program Overview

Focus: AI startups in specific fields

Prize: $150,000 cash and exclusive Mastercard resources

Application Deadline: August 25, 2024

Eligibility Criteria

• Seed or Series A startups

• Specializing in AI

• Focus areas: Risk & Security, Next-Gen Banking & Finance, Emerging Fintech, ESG / Sustainability

• Operational in more than one market

• Diverse team

• Secured funding for the next 6-12 months

• Growth plan in place

Key Dates

• Registration Closes: August 25, 2024

• Initial Screening Results: September 2024

• Final Event: October 2024

Selection Process

Finalists will participate in a pitch day, evaluated by expert panelists on criteria including, innovation & novelty, market potential, business model & revenue potential, product fit, team & execution, and financial health among other criteria.

Prizes and Benefits

1. Cash Prize: $150,000 to fuel AI innovation

2. Mastercard Resources: Access to events, collaboration opportunities, and Priceless experiences

3. Fast Track to Mastercard Start Path: Direct entry to final selection day (if qualification criteria are met)

Why Apply?

This challenge offers a unique opportunity for AI startups to:

• Accelerate growth with significant funding

• Gain exposure to Mastercard's extensive network

• Potentially join Mastercard's Start Path program

The Mastercard AI Start Up Challenge represents a significant opportunity for AI-focused startups in the UAE. With substantial financial support and access to Mastercard's resources, this program could be a game-changer for innovative AI companies looking to scale their operations and make a lasting impact in the fields of finance, security, and sustainability.