ADDED, MBZUAI and Wio Bank partner to support SMEs

He Abu Dhabi Department of Economic Development (ADDED) and Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) have signed a Memorandum of Understanding (MoU) to jointly pioneer AI-powered solutions aimed at accelerating the growth of entrepreneurs and small and medium enterprises (SMEs).

AGGREGATE and MBZUAI, the world’s first artificial intelligence (AI) graduate university dedicated to research, and Wio Bank PJSC, the region’s first banking platform, will partner to create a virtual assistant (Chatbot) to help streamline SME access to Abu Dhabi’s various resources and programs. The chatbot will connect SMEs with stakeholders at all stages of the business journey, from idea to growth, expansion and long-term success.

The innovative AI-powered chatbot will be designed to help SMEs navigate the complexities of the business world, providing them with valuable insights, guidance and resource referrals to help SMEs optimize their operations, identify opportunities and make informed business decisions to grow. and prosper. in Abu Dhabi.

Under the supervision of MBZUAI, A competition will be held where three teams of students selected from Abu Dhabi universities will be invited to work with the venture lab operator to develop the AI ​​Chatbot solution. The winning team’s solution will be further developed and adopted by ADDED.

ADDED, MBZUAI, and Wio Bank It will also explore opportunities to further develop the SME landscape to ensure that the SME sector, which represents 98 per cent of businesses, employs 46 per cent of the workforce and contributes 42.8 per cent of the Non-oil GDP in Abu Dhabi, play a larger role in the Emirate’s transition. towards a knowledge-based, innovation-driven, smart and sustainable economy.

Mouza Obaid Al Nasri, Executive Director of the SME Sector at ADDEDsaying,

“We are pleased to partner with MBZUAI and Wio Bank to further enhance the innovation ecosystem and support SMEs to achieve their full potential. This collaboration exemplifies ADDED’s strong commitment to fostering young talent, driving innovation and leveraging cutting-edge technology. “The chatbot will usher in a new era for SMEs by integrating the power of artificial intelligence into the sector and enable entrepreneurs to benefit from ample opportunities in Abu Dhabi’s strong and diversified economy.”

“SMEs play a vital role in job creation, economic diversification and enhancing Abu Dhabi’s status as a preferred destination for talent, entrepreneurs and investment. “We believe that the continued development of this sector is paramount to the strategic objectives of the Emirate.”

Sultan Al Hajji, Vice President of Public Affairs and Alumni Relations at MBZUAI saying,

“MBZUAI is working closely with industry and government partners to support Abu Dhabi’s ambition to become a hub for AI-based startups. “We are delighted to be a knowledge partner of ADDED and look forward to supporting the development of the SME ecosystem through the application of world-class research and AI-based solutions.”

Commenting on the partnership, Jamal Al Awadhi, Chief Operating and Experience Officer of Wio Bank PJSC, fixed,

“At Wio Bank, our main objective is to revolutionize SME banking in the region. Our collaboration with ADDED and MBZUAI represents an important step in realizing the vast potential of artificial intelligence. “Through our partnerships, we are committed to creating banking solutions to help SMEs thrive in an ever-changing business landscape.”

Wio Bank brings together the capabilities of digital banking applications, integrated finance and banking as a service. Wio’ BankWio Business’ first offering offers a comprehensive set of highly targeted and customized digital solutions targeted at entrepreneurs and startups in the UAE. The platform was created with the primary mission of contributing to the future readiness of SMEs in the UAE.

AGGREGATE has been launching and championing initiatives aimed at supporting SMEs in their growth journey, equipping them with relevant skills through various programs to enhance their capabilities, enable them to compete effectively in the market and scale up their businesses.

News source: Emirates News Agency