AI Innovation Takes Center Stage as Teammates.ai Wins Mastercard & FAB Challenge

The Artificial Intelligence, Digital Economy, and Remote Work Applications Office honored the team of Teammates.ai for winning the Mastercard and First Abu Dhabi Bank challenge for AI startups. The challenge aims to support innovation and enhance the competitiveness of the AI sector in the UAE.

The challenge invited 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 witnessed strong participation with more than 200 applications received. A panel of experts from the three partners selected eight finalists, who presented their ideas at a pitch day. 

The winner was announced at an award ceremony in Dubai, attended by senior attendees from the UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office, Mastercard and FAB. 

Saqr Binghalib, Executive Director of the UAE’s Artificial Intelligence, Digital Economy, and Remote Work Applications Office, emphasized that the UAE government is keen on strengthening collaboration between the government and private sectors to accelerate the adoption and development of artificial intelligence, enhance digital security, address challenges across various sectors, and develop AI-driven solutions.

H.E. Mohammed bin Taliah, Chief of Government Services in the UAE Government, praised the participants for their contributions in driving innovation, creativity, and bold thinking that will shape the next chapter of AI. He emphasized that the UAE has always been a place where vision meets action, and where the impossible is simply the next frontier waiting to be conquered.

Co-creating with Fintechs to deliver cutting-edge innovative customer-centric solutions is the future of finance. As technologies like AI, Gen AI and Crypt evolve rapidly, collaboration is essential. The AI Start Up Challenge with Mastercard and the UAE’s AI, Digital Economy and Remote Work Applications office, highlights our shared commitment to revolutionizing the financial services landscape.

– Sunil Dixit, Head of Consumer Banking Digital, First Abu Dhabi Bank

Recognizing the role of startups as key drivers of innovation, the challenge sought to foster the next generation of AI pioneers in the UAE. Its objectives align with the UAE Strategy for Artificial Intelligence 2031 and the Dubai Universal Blueprint for Artificial Intelligence (DUB.AI). Through the initiative, we aim to create an enabling environment for promising startups, such as Teammates.ai, to contribute to building a prosperous digital economy in the country.

– Mete Guney, EVP, Commercial and New Payment Flows, EEMEA, Mastercard.

Teammates.ai is a digital platform enabling organizations to deploy autonomous AI teammates that make key business functions cheaper and faster while offering highly effective results that complement human expertise.

In addition to Teammates.ai, the finalists included:

• Lookinsure – an insurance aggregator leveraging AI and machine learning models for dynamic risk assessment and personalized pricing. It integrates securely with UAE PASS, offering mobile-optimized insurance purchases in just three minutes.
• Yabx – an unsecured alternative lending platform that aims to address the trillion-dollar financing gap in the emerging markets of Asia, Africa and Latin America by supporting loan origination, credit decisioning, loan management and collection capabilities.
• XHYPE – the first zero-data decentralized marketplace that provides a borderless ecommerce experience through blockchain and cryptocurrencies, promoting financial freedom while ensuring that personal information remains absolutely private.
• VOICECODE – a multimodal identity verification system that seamlessly integrates voiceprint, facial recognition, lip reading and password while supporting their flexible combinations. 
• FACEKI – an online fraud prevention platform designed to process Know Your Customer (KYC) documents of any kind in mere seconds. Its advanced data capture and analysis capabilities enhance accuracy and efficiency by up to 90%.
• Nadeera – a social enterprise that provides innovative digitally enabled solid waste management solutions. Its user-centric digital platform Yalla Return simplifies the recycling journey and offers rewards to consumers.
• OasisX – a Web3-powered solution for building next-generation scalable, connected, personalized and interactive loyalty programs to maximize customer lifetime value and revenue potential.

The winner received a host of benefits, including a cash prize of $150,000, access to Mastercard’s global assets as well as accelerated enrolment in the company’s award-winning global startup engagement program Start Path. The program helps participants scale their business through mentoring, innovation opportunities and engagement with Mastercard’s global network of banks, merchants, partners and digital players. Since 2014, Start Path has supported over 400 startups from 54 countries, which have already secured more than $25 billion in post-program capital.