jordan pulse -
Arab Bank recently concluded its AI Startup Bootcamp initiative from Arab Bank’s Startup Accelerator for Startups, which provided a unique opportunity for entrepreneurs and startup owners to develop artificial intelligence and machine learning technology and apply it in an innovative way that effectively contributes to expanding and accelerating their business development. The launch of this initiative comes within the framework of Arab Bank’s keenness to keep pace with the rapid development taking place in the technological and digital revolution sector, especially the vital developments in the field of artificial intelligence applications.
Through this initiative, about 100 entrepreneurs submitted their ideas and projects, where the bank’s specialized team evaluated all ideas and selected 10 of them based on their competence and eligibility to participate. The owners of the selected ideas and projects also enrolled in interactive workshops that included training sessions and practical guidance led by experts and professionals in the field of artificial intelligence and machine learning, as well as presenting promising models of entrepreneurs who had successfully raised funding and scaled their businesses.
These workshops included ‘Inspiring Speaker Sessions’ presented by a list of leading AI experts, including experts from Google Cloud who joined the initiative as technical supporters. This is in addition to enabling the owners of ideas and projects participating in this initiative to access a valuable balance of data about the market and the effectiveness of the application of artificial intelligence in various fields such as health, finance, e-commerce and in their projects in particular, as well as providing participants with the necessary guidance to develop their products and improve their readiness for the market to become scalable based on rich guidance on how to integrate and activate machine learning and artificial intelligence solutions to meet market needs.
The initiative concluded its activities on the Pitch Day, which was dedicated to the demos by selecting the best three ideas, where the entrepreneurs had a golden opportunity to present their AI-powered projects and discuss them in front of a jury that included representatives from Arab Bank management and a number of promising investors. The first place was won by “GamerG”, the second place was won by “Musajjel” and the company “Smartserve” won the third place. The winners received cash prizes from Arab Bank as a support for them to continue working on realizing and developing their ideas and projects.
Commenting on the initiative, Mrs. Hala Zahran, Director of AB Xelerate’s Startup Accelerator, said: “In light of the continuous growth of modern technologies, the integration of artificial intelligence into the traditional services provided by the banking sector is essential as technology today holds great opportunities to elevate the banking industry by enhancing the customer experience, simplifying banking operations and improving risk management.” Zahran added: “Through this initiative, Arab Bank seeks to provide the participating entrepreneurs with an incubating and stimulating environment to develop their products and produce important and tangible results in the business market, in addition to connecting the entrepreneurs with the relevant authorities in Arab Bank, which contributes to enhancing the prospects for cooperation opportunities with the bank in the future.”
Arab Bank is one of the leading financial institutions in the region in employing the latest digital technology solutions in terms of financial and banking services that it provides to its customers across various sectors. Arab Bank also attaches great importance to supporting and developing innovation in the field of financial technology to develop banking services and solutions that are in line with the transformations and developments witnessed by the world in light of the Fourth Industrial Revolution and the accompanying changes in the needs and expectations of customers from different categories and sectors. Arab Bank initiated the establishment of an integrated system in this field, including an innovation center and a business accelerator. This strategic direction of the Bank is in line with its constant keenness to support entrepreneurs and start-ups that contribute to building the capabilities of young people, stimulating entrepreneurship and innovation, and encouraging investment to achieve sustainable economic development.