Abu Dhabi Bank (ADIB) is a leading financial institute which has made a partnership with DIFC innovation hub, a leading financial technology accelerator in the MENA region.
With the ADIB and DIFC partnership, to provide a better service to their clients, they have made a goal which is to increase adoption of innovation across ADIB.
ADIB holds a vision which is to stay ahead of the innovation curve in the financial service industry, and this collaboration will play a major role for them to conquer this mission.
They have plans to work together to run pilot projects, organize discovery sessions, develop use cases and directly integrate solutions into the bank’s system.
For scouting and integrating cutting edge innovation this partnership brings together the deep industry expertise of ADIB with DFC’s tested methodologies.Â
Overview of ADIB and DIFC Partnership
ADIB serves over 1.5 million customers with its vast network of 62 branches. ADIB mainly focuses on integrating the latest technology solutions to offer advanced digital banking services.Â
The DIFC Innovation Hub houses over 700 international and local tech firms that provide a range of solutions catering to the financial industry. With its strong network of partners, mentors and investors, the Innovation Hub fosters the growth of promising startups.
IDFC with its strong network of partners, mentors and investors, the Innovation Hub fosters the growth of promising startups.
The key objectives behind the ADIB and DIFC Innovation Hub partnership are to:
- Accelerate adoption of new technologies and innovation across ADIB’s business functions
- Gain early access to the most promising FinTech solutions relevant to ADIB’s business priorities
- Develop proof of concepts and use case implementations focused on enhancing Islamic banking services
- Support promising FinTech startups through commercial engagement and accelerator programs
- Establish ADIB as a leader in integrating FinTech innovation for Sharia compliant offerings
- The partnership aims to match ADIB’s business needs with cutting-edge solutions from DIFC’s extensive network of startups and partners.
Areas of Focus Going Forward
With the ADIB and DIFC Innovation Hub partnership, they are aiming to accelerate innovation adoption over the long term. This partnership is expected to expand and deepen going forward.Â
- Continued collaboration on proof of concept projects and tailored discovery sessions to uncover innovative solutions for ADIB’s specific business needs.
- Ongoing evaluation of startups from DIFC’s accelerator programs and external offerings.
- Additional integration of select solutions into ADIB’s existing systems and processes.
- Exploration of emerging technologies like AI, blockchain and open banking.Â
Takeaways
With the ADIB and DIFC Innovation Hub partnership, they tend to make a great impact in the category of development for accelerating innovation in the banking and financial services sector.
Both hold a great position, as mentioned earlier ADIB is a leading islamic bank and DIFC holds a leading status as global financial hub and extensive Fintech network, the opportunities for driving positive transformation are immense.
ADIB and DIFC innovation hub have decided that they will continue expanding the scope of this collaboration across additional areas of focus.
This includes facilitating more proof of concept projects for experimenting with emerging technologies, running pilot programs to test Fintech solutions, and nurturing more partnerships between banks and startups.
ADIB and DIFC partnership will also aim to incorporate input from regulators in shaping a more supportive infrastructure for innovation in the region.
This will help align market needs with regulatory priorities for the benefit of all stakeholders. With the level of commitment both organizations have displayed so far, the future looks very promising for advancing innovation in Islamic banking and finance.
The success of this partnership can catalyze an innovation wave across the entire banking industry in the Middle East.
