Abu Dhabi Islamic Bank (ADIB) partners with DIFC Innovation Hub to accelerate FinTech adoption
Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has announced a strategic collaboration with the DIFC Innovation Hub, the premier financial technology accelerator in the Middle East, Africa, and South Asia (MEASA) region. This partnership aims to boost FinTech growth and adoption across the region. The agreement was signed during the 2nd edition of the Dubai FinTech Summit held on May 6-7, 2024, at Madinat Jumeirah, with ADIB participating as a “Principal Institution Partner” in the DIFC Innovation Hub’s 2024 Innovation Scouting programme.
The ‘Innovation Scouting’ programme is designed to connect corporate and financial industry leaders with innovative FinTech start-ups, facilitating the acceleration of innovation adoption across various sectors. Through this collaboration, ADIB aims to create Proof-of-Concept (PoC) projects with support from the DIFC Innovation Hub, ensuring successful implementation with the shortlisted FinTechs.
This partnership establishes a dedicated programme to help ADIB discover and implement cutting-edge FinTech solutions, thereby accelerating innovation within the bank and its external offerings. DIFC Innovation Hub will conduct highly customised and targeted discovery sessions with key ADIB stakeholders to identify specific business needs for FinTech innovation.
Leveraging its extensive network, the DIFC Innovation Hub will scout for promising FinTech start-ups that can address these key areas. After a thorough evaluation process, ADIB will engage with the shortlisted FinTechs to develop PoCs for various use cases.
Fernando Plaza, Chief Digital Officer at ADIB, remarked, “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, added, “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.”
