Driving AI Innovation in the UAE
Teammates.ai has been crowned the winner of the FAB x Mastercard AI Startup Challenge, a competition aimed at accelerating AI-driven innovation in the UAE. Hosted in partnership with the UAE’s Artificial Intelligence, Digital Economy, and Remote Work Applications Office, the challenge sought to enhance the AI sector’s competitiveness while fostering collaboration between startups and major financial institutions.
The challenge attracted over 200 AI startups, with a focus on cybersecurity, generative AI in banking. It also includes focus on customer lifecycle management, productivity enhancement, fintech, and ESG solutions. After a rigorous selection process, eight finalists were chosen to present their innovative solutions. At the final pitch day in Dubai, Teammates.ai emerged as the top contender.
A Platform for the Future of AI
At the award ceremony, Saqr Binghalib, Executive Director of the UAE’s AI Office, emphasized the UAE’s commitment to AI adoption and digital security. He highlighted the importance of public-private collaboration in solving industry challenges. Along with that, he also emphasised developing AI-driven solutions that enhance efficiency across various sectors.
H.E. Mohammed bin Taliah, Chief of Government Services in the UAE, praised the participants for their bold, creative, and forward-thinking innovations. He said it’s also reinforcing the UAE’s position as a global hub for technological advancements.
Sunil Dixit, Head of Consumer Banking Digital at First Abu Dhabi Bank, stated:
“Co-creating with fintechs to deliver cutting-edge, customer-centric AI solutions is the future of finance. This challenge highlights our shared commitment to revolutionizing financial services through AI, generative AI, and emerging digital technologies.”
Mastercard’s Mete Guney, EVP, EEMEA, emphasized the challenge’s alignment with the UAE Strategy for AI 2031 and the Dubai Universal Blueprint for Artificial Intelligence (DUB.AI). He underscored the role of AI startups in building a prosperous digital economy, with innovations that will contribute to the Center for Advanced AI and Cyber Technology.
Why Teammates.ai Stood Out
Teammates.ai is a cutting-edge digital platform that enables organizations to deploy autonomous AI teammates to handle business functions 95% cheaper and 45 times faster, while enhancing human expertise. Its groundbreaking approach secured the top spot in the competition, earning:
- A $150,000 cash prize
- Access to Mastercard’s global assets
- Enrollment in Mastercard’s Start Path program
Since 2014, Start Path has helped over 400 startups across 54 countries, raising over $25 billion in post-program capital. As a winner, Teammates.ai will receive mentorship, innovation opportunities, and access to Mastercard’s extensive network of banks, merchants, and partners.
The Finalists – AI Startups Shaping the Future
Apart from Teammates.ai, the competition featured seven other impressive AI startups, including:
- 🔹 Lookinsure – An AI-powered insurance aggregator using machine learning for risk assessment and personalized pricing, integrated with UAE PASS for quick mobile purchases.
- 🔹 Yabx – A fintech platform addressing the $1 trillion financing gap in emerging markets through AI-driven loan origination, credit decisioning, and collection capabilities.
- 🔹 XHYPE – A zero-data, decentralized e-commerce marketplace powered by blockchain and cryptocurrencies, ensuring user privacy while promoting financial freedom.
- 🔹 VOICECODE – A multimodal identity verification system combining voiceprint, facial recognition, lip reading, and password authentication for secure access control.
- 🔹 FACEKI – A fraud prevention platform that processes Know Your Customer (KYC) documents in seconds, improving accuracy and efficiency by up to 90%.
- 🔹 Nadeera – A social enterprise revolutionizing solid waste management through its user-friendly digital platform, Yalla Return, which rewards users for recycling.
- 🔹 OasisX – A Web3-powered loyalty solution designed to create interactive, scalable, and connected rewards programs that maximize customer lifetime value.
A Big Step for AI in the UAE
The FAB x Mastercard AI Startup Challenge marks a significant milestone in the UAE’s AI innovation ecosystem. With the UAE’s ambitious AI strategy and thriving digital economy, competitions like these empower startups to drive technological breakthroughs while paving the way for a smarter, more efficient future.
For AI entrepreneurs, the UAE continues to be a land of opportunities, innovation, and global impact.