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Former Dubai banker is UAE nominee for $1m Startup World Cup final prize
Headline staff
The two-day 35th World AI Show, the longest running event in artificial intelligence kicked off in style and ended with the UAE finalist chosen for the Startup World Cup in Dubai on Wednesday.
Affinsys, a startup running AI solutions for banks, telecom and insurance companies, won out of a shortlist of six yesterday after the jury took a live decision based on final pitches and voted for UAE’s representation among 60-plus countries from where the World Cup winner will receive $1 million funding.
Making the presentation and receiving the award was Aditya Bhagat, who co-founded the company three years back with friend and fellow banker Surya Prasad. “I am extremely honoured to get this reward,” said a beaming Bhagat immediately after. “We have been associated with the Dubai Future Program and also received many accolades and awards, so we are on the right track.
“We need 3-4 million of funding for our expansion programme and if all goes well in September (for the Startup World Cup final round), this will be a big help.”
Meanwhile, the day featured a lot of brainstorming on problems, solutions and what the future holds in various aspects of artificial intelligence. With delegates being served tea and refreshments by robotic machines doubling up as hostesses at the Jumeirah Emirates Towers, attendees had a field day imbibing the latest trends and exploring future opportunities to collaborate.
The event started smoothly with the focus on AI in transport where speakers discussed ‘transforming cities to autonomous mode’ and everyone agreed that the challenges remain on ground outside of driverless cars or semi-automatic modes, than the vehicles themselves.
“Planes have been using auto-pilot technology for something like 70 years so we have come a long way,” said Seham El Behissy, former Renault general manager, digital and connected cars. “But on the road there are other elements and each one brings with it its own challenges. Then it is also about the data in real time, it has to be good, it depends on how the user is trained to use it and the user himself and then his interaction with other users.”
Aditya Bhagat is a former banker and co-founder of Affinsys. Trescon Global
Author of research papers and an expert, El Behissy shared the dias with Dr Jassim Haji, president of International Group of Artificial Intelligence and who is working with road authorities in Bahrain and Angad Singh, the global director for innovation at Aramex.
AI with human touch
Noor Alnahhas, the CEO of nybl, another alumni of the Dubai Future Accelerators programme, gave the keynote speech and took the conversation beyond the day’s agenda on a thoughtful note.
“In the past, more was key to everything. If you wanted more oil, drill more. If you are hungry, produce more food … but now, it is less. If you want to save the climate, consume less of many things, we are trying to towards zero carbon footprints.
“If we can tie the development to betterment of human life, investment is not a question. Everyone here will talk about technology and their USPs. But it is important for all to think how to come together to make lives better. Like six weeks ago, we have collaborated with the International Humanitarian City how to deliver aid and relief items faster and better.”
Saeed Alhebsi, the advisor in the AI ministry of Human Resource and Emiratisation spoke about the UAE’s Fourth Industrial Revolution strategy framework.
CNN global director Rachele Peterson moderated a panel of experts on the use cases of AI, future implementation strategies of digital transformation, challenges in current practices and real-life examples on how the experts are solving them.
All had various focus areas to approach but many agreed that unless the masses do not buy-in on the prospects, the growth rate will be hampered. Yet, Wees Abraham of Elekron Ventures warned against jumping on to the AI bandwagon because others are. “Get a consultant, but you need to have someone in the team to own it otherwise you will be sold something you never need. Technology has to be your slave, not the other way around.”
Many speakers across different sessions touched on the positive impact of AI in the times of Covid-19. “Pandemic has changed how we look at productivity, no doubt,” said Amina Abdul Rahim, head of IT in the engineering office of Sheikh Mohammed bin Rashid Al Maktoum.
Day Two of the WAIS will feature an awards ceremony to celebrate some of the achievers in the field. Those wishing to attend can walk in or register here.
From convincing phone calls by fake bank officials to bogus shopping websites designed to steal credit card details, financial scams are growing increasingly sophisticated across the UAE.
In response, federal authorities, the Central Bank, and police forces are rolling out a multi-layered defence strategy designed to intercept fraud before it reaches consumers.
The approach focuses on three core pillars: making scams harder to execute, speeding up real-time detection, and providing direct avenues for victims to report crimes and recover losses.
Central Bank mandates
The Central Bank of the UAE (CBUAE) has significantly increased compliance requirements for all licensed financial institutions, shifting the burden of fraud detection directly onto banks.
- Phasing Out SMS OTPs: The CBUAE is pushing institutions away from single-factor, SMS-based one-time passwords, favouring biometric verification and dynamic app-based authentications to combat SIM-swap and phishing attacks.
- Anti-Fraud Hub: The regulator established the Central Bank Anti-Fraud Operations Centre (CAFOC) to enable real-time threat monitoring, rapid incident response, and instant data sharing across UAE financial entities.
- Strict monitoring: Banks are legally required to maintain continuous monitoring systems to flag suspicious transactions, combat social engineering, and immediately report unauthorised activities.
Safety for online shoppers
With cybercriminals increasingly targeting online shoppers, the UAE’s consumer protection framework now treats digital storefronts with the same legal scrutiny as physical retail.
- E-Commerce Regulations: Federal Decree-Law No. 14 of 2023 sets clear technical standards, legal liabilities, and data protection rules for digital trading platforms operating in the country.
- Tougher Anti-Counterfeit Penalties: Federal Decree-Law No. 42 of 2023 on Combating Commercial Fraud equips authorities to crack down on fraudulent sellers, corrupt goods, and misleading online commercial practices.
- Statutory Rights: Federal Law No. 15 of 2020 guarantees data privacy, fair dispute settlement, and monetary compensation for consumers facing fraudulent domestic transactions.
Where residents can report scams
Authorities urge residents never to absorb financial losses quietly. Several official channels provide dispute resolution and criminal reporting:
- Ministry of Economy and Tourism: Handles formal consumer disputes, misleading sales complaints, and requests for product recalls, facilitating amicable settlements or judicial referrals.
- Dubai Police e-Crime Platform: Provides a dedicated portal for reporting cybercrime, identity theft, and electronic banking fraud.
- Local Consumer Protection Departments: Each emirate maintains direct channels to investigate deceptive trade practices and unauthorised merchant activity.
Scam warning: Dubai Police recently warned against fraudulent Consumer Protection websites that lure users into downloading remote-access apps, allowing criminals to hijack devices and drain linked bank accounts.
Do’s and Don’ts to keep your accounts safe
While state-level defences continue to tighten, personal vigilance remains essential:
- Don’t share details: No bank or government entity will ever ask for your password, PIN, or multi-factor authentication code via phone, email, or WhatsApp.
- Don’t give remote access: Never download third-party software (such as AnyDesk or TeamViewer) at the request of an unsolicited caller.
- Do URL check: Check domain spellings carefully and ensure e-commerce platforms use verified, secure payment gateways before entering card numbers.
- Don’t wait, act immediately: If you suspect compromised details or notice an unauthorised charge, freeze your card via your banking app and notify your bank’s fraud unit without delay.
Drivers heading towards Sharjah University City have been given some relief with the partial reopening of a busy route, but motorists using the Industrial Area 17, Maliha Road corridor should prepare for a new traffic diversion from Wednesday, August 26.
Sharjah’s Roads and Transport Authority has reopened two lanes in each direction along a stretch connecting Industrial Area 17, University Bridge and University City.
The reopening restores part of a key route between University City and the Institutes Land area, which had been affected by ongoing roadworks.
New diversion starts August 26
The reopening comes as another section of the road network is partially closed as part of the Etihad Rail Station Access Roads Project.
From Wednesday, motorists travelling from Industrial Area 17 towards Maliha Road will be diverted onto an alternative route.
Drivers heading to Sharjah English School, Nesto Hypermarket and nearby businesses should therefore allow extra time and follow the signed diversion rather than attempting to use their usual approach.
How long will the diversion last?
The temporary diversion is expected to remain in place for just over five weeks, from August 26 until October 5.
The works are part of the wider infrastructure programme supporting the development of the Etihad Rail network in Sharjah.
While the project is expected to improve connectivity in the long term, drivers can expect changes to traffic movements while the access roads are being constructed.
What drivers should know
- University City route: Two lanes in each direction are now open along the reopened section.
- New closure: The Industrial Area 17-to-Maliha Road route will be partially closed from August 26.
- Affected destinations: Drivers heading towards Sharjah English School, Nesto Hypermarket and nearby businesses should use the designated alternative routes.
- End date: The diversion is scheduled to remain until October 5, 2026.
- Drive carefully: Follow directional signs and safety instructions around the work zones.
- Allow extra time: Traffic conditions may change during peak periods as motorists adjust to the diversion.
The Roads and Transport Authority has published a map showing the approved alternative routes. Drivers are advised to check the diversion before setting off and follow the road signs once they reach the affected area.
Bank fraud in UAE: New measures in place to protect residents from money scams
What UAE drivers heading towards Sharjah University Road need to know
