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UAE-based telecom giant Etisalat partners with four startups to develop blockchain and AI solutions

Image Via The National

Jan 08, 2019 09:25 am UTC

UAE-based telecom giant Etisalat is collaborating with four startups to develop Artificial Intelligence (AI) and blockchain-based solutions, Trade Arabia reported.

The company has signed agreements with Yitu Technology (China), Com IoT Technologies (UAE), 300cubits (Hong Kong), and Tradefin (USA).

According to the official release, the signing ceremony also saw the opening of the Future Now startup collaborative space for these Etisalat Digital’s partner companies. Etisalat said that the companies have been selected on the basis of their “ability to design and launch innovative solutions, as well as demonstrate the actual use of these technologies in practice.” (Via online translation)

“The four selected companies will continue their journey through the Future Now program for start-ups where they will have access to the capabilities and expertise of Etisalat Digital, and will be able to use the offices and all the support capabilities they need to implement joint ventures for Etisalat customers,” it added.

In July 2018, Etisalat launched three challenges in the fifth edition of the Dubai Future Accelerator, targeting companies around the world. Seven companies were selected to work with Etisalat Digital to meet these challenges.

One of the challenges involved using blockchain technology to simplify and reduce transaction costs between different enterprises, such as banks, government agencies and private institutions, by 40% over the next five years. 300cubits from Hong Kong was selected for this challenge.

Another challenge focused on using blockchain technology for the tokenization of "loyalty points” – converting them into digital currency. TradeFin from the United States of America was selected for this challenge.

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