The Office of Artificial Intelligence, Digital Economy, and Remote Work Applications in the United Arab Emirates has awarded 'Team Meets.AI' for winning the recent startup challenge organized in collaboration with Mastercard and First Abu Dhabi Bank.

This initiative aims to foster innovation and enhance the competitiveness of the artificial intelligence sector within the UAE.

The challenge saw extensive participation, receiving over 200 applications.

Its primary goal was to strengthen partnerships between public and private institutions to drive innovation and support startups in the fields of digital economy and technology.

This aligns with the UAE's strategic vision to solidify its leadership position and positively impact the quality of life in the community.

Following a rigorous evaluation process conducted by a specialized judging panel, eight finalists were selected, including 'Team Meets.AI', 'Luckinshur', 'Yapex', 'X-Hype', 'Voice Code', 'Face K.I.', 'Nadira', and 'Oasis X'.

The competition focused on presenting innovative AI-based solutions in areas such as cybersecurity, generative AI in banking and finance, enhancing service delivery experiences, boosting productivity, emerging fintech technologies, and environmental, social, and governance considerations.

During the award ceremony attended by officials and experts, 'Team Meets.AI' was announced as the first-place winner for its digital platform project utilizing AI-powered virtual employees.

This solution is designed to accelerate business processes, reduce costs, and enhance operational efficiency.

Saqar bin Ghaleb, the executive director of the Office of Artificial Intelligence, emphasized the UAE government's commitment to fostering collaboration between public and private sectors to expedite the adoption and development of artificial intelligence while enhancing digital security and addressing various sector challenges.

He highlighted that these efforts contribute to shaping the future economies and bolster the UAE's position as a global hub for AI and digital economies, with projections indicating AI's potential contribution of $320 billion to the Middle Eastern economy by 2030.

Mohammed bin Talia, head of government services in the UAE, remarked on the nation's rapid evolution into a nurturing ground for creative ideas and transformative projects, emphasizing the importance of participants' innovative proposals in shaping the future of AI development.

Sunil Dixit, head of the digital banking services for individuals at First Abu Dhabi Bank, stated that collaboration with fintech firms is a fundamental pillar for developing innovative customer-centric solutions and advancing the future of the financial services sector.

He noted that the accelerating pace of AI technologies, generative AI, and cryptocurrencies necessitates building strategic partnerships to advance digital transformation in financial services, reflecting a shared commitment to reshaping the financial sector through advanced solutions.

Miti Jony, the executive vice president for commercial affairs and new payment flows in Europe, the Middle East, and Africa at Mastercard, affirmed that the launch of this challenge reflects the recognition of the importance of startups as a key driver for innovation.

The initiative aims to empower the next generation of AI pioneers.

The winning company received a prize of $150,000 and expedited enrollment in the award-winning global Start Path program launched by Mastercard, designed to support startups and assist them in scaling their businesses through professional mentorship.

Additionally, they were offered opportunities for innovation and collaboration with Mastercard's global network, which includes banks, entrepreneurs, and various digital platform partners.

Since its inception in 2014, the program has supported over 400 startups from 54 countries, which have collectively raised investments totaling more than $25 billion.