In August, Phaze Ventures launched the OmanX Startup Challenge with the objective of finding and supporting local talent to solve high-value problems in the key sectors within the economy. The winner of the challenge would receive a 10,000 OMR grant and the opportunity to be considered for the Phaze Ventures’ accelerator program in partnership with Petroleum Development Oman.

The challenge saw an amazing turnout, with 150 participants registering in under 48 hours; and a total of 16 teams reaching the finals. Over the course of the intensive 3-week challenge, the teams worked with their assigned mentors that helped them solidify their value proposition, and further develop their MVP software solution in preparation for pitch day.

The theme of the challenge was enterprise software, and the teams’ ideas ranged from solutions for the energy sector, to fin-tech, to waste management, and more; and after a very competitive pitch-day, the judges were able to shortlist 4 finalists; and after much deliberation, the winner of the OmanX Startup Challenge was Mamun.ai. The team consists of 3 enthusiastic co-founders, Saleh Al-Tamami, Mohammed Al-Tamami, and Ahmed Al-Issaei, who have shared experience in launching startups, fintech, techno-commercial services, software development, and machine learning.

Commenting on the challenge, Ahmed Al-Issaei Mamun.ai Co-Founder & CTO “Phaze Ventures’ commitment to Oman’s start-up space is as obvious to me as a well written code. We look forward to our continued partnership to build Omani success stories.”

Mamun uses data analytics and AI to solve a problem that faces a lot of SMEs in the market, which is: difficulty accessing credit; and delays in payment in their accounts payables as a result of the supply chain. Mamun’s solution therefore automates and facilitates the process of financial information exchange between the buyer, seller, and the financiers in order to optimize the payment processes for all stakeholders involved.

Mamun’s engine use-cases including credit scoring and monitoring; buy-now-pay-later systems; direct debit; mini-transactions; and an Open Data monetizer. “Mamun is confident of its core financial technology infrastructure as a service platform with its artificial intelligence capabilities. We plan to position Mamun in SME Credit and a wide array of embedded finance use-cases that touches different industry verticals. The future is bright with our plans to roll out Mamun. Thanks to the grant, we will be able to deliver the use case demonstrated in OmanX Startup-Challenge” Commented Saleh Al Tamami Mamun.ai Co-Founder & CEO.

To learn more about Mamun, please visit their website using the following www.mamun.ai.

Source: https://www.phazeventures.com/post/omanx-winner-mamun-ai