Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, announced a strategic collaboration with DIFC Innovation Hub, home to the first and largest financial technology accelerator in the Middle East, Africa, and South Asia (MEASA) region, to trigger the FinTech adoption.
According to Industry sources, the bank has signed a strategic partnership agreement during the 2nd edition of the Dubai FinTech Summit held on May 6-7 2024, at the Madinat Jumeirah, to participate as a “Principal Institution Partner” in DIFC Innovation Hub’s 2024 Innovation Scouting programme.
Industry sources further added that this partnership establishes a dedicated program to aid ADIB in discovering and implementing cutting-edge FinTech solutions to accelerate innovation within their organization and external offerings. As part of the program DIFC Innovation Hub will hold highly customized and targeted discovery sessions with key stakeholders from ADIB to identify specific business needs for FinTech innovation.
Fernando Plaza, Chief Digital Officer at ADIB, stated: “This strategic collaboration with DIFC Innovation Hub underscores our commitment to embracing disruptive technologies and fostering a culture of innovation at ADIB. We are confident that this partnership will unlock new opportunities for growth and allow us to deliver an enhanced banking experience to our customers. Moreover, it will contribute to the advancement of the UAE’s financial sector, positioning the nation as a leader in FinTech innovation on a global scale.”
Mohammad Alblooshi, Chief Executive Officer at DIFC Innovation Hub, stated: “Innovation is the currency of progress, and within the banking sector, it is the key that unlocks doors to a future where financial services are not just accessible, but transformative. We are thrilled to welcome ADIB as a strategic partner and are positive that this collaboration will provide unprecedented opportunities to the FinTech ecosystem in the region as well as enable ADIB to further advance their commitment to innovation and excellence.”
Industry sources also added that the ‘Innovation Scouting’ program is designed to connect corporates and financial industry leaders with some of the most innovative FinTech start-ups in the region to accelerate innovation adoption across verticals. The collaboration seeks to create Proof-of-Concept (PoC) projects, where the DIFC Innovation Hub will provide support to ADIB in collaborating with the shortlisted FinTechs to ensure successful implementation.
Leveraging its vast network, DIFC Innovation Hub will also help scout promising FinTech start-ups with solutions that address these key areas. Following a rigorous evaluation process, ADIB will be introduced to shortlisted FinTechs to ultimately create POCs for various use cases.
