Abu Dhabi Islamic Bank (ADIB) has announced a strategic collaboration with DIFC Innovation Hub to accelerate fintech adoption.
The bank signed the strategic partnership agreement during the 2nd edition of Dubai FinTech Summit held on 6th-7th May 2024, at the Madinat Jumeirah, to participate as a “Principal Institution Partner” in DIFC Innovation Hub’s 2024 Innovation Scouting programme.
The collaboration seeks to create Proof-of-Concept (PoC) projects, where DIFC Innovation Hub will provide support to ADIB in collaborating with the shortlisted fintechs to ensure successful implementation.
The ‘Innovation Scouting’ programme 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.
Fernando Plaza, Chief Digital Officer at ADIB, said, “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.”
As part of the programme DIFC Innovation Hub will hold highly customised and targeted discovery sessions with key stakeholders from ADIB to identify specific business needs for fintech innovation.
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.
Mohammad Alblooshi, Chief Executive Officer at DIFC Innovation Hub, said, “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.”
