Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) has entered into a strategic collaboration with DIFC Innovation Hub to fast-track fintech adoption in the region.

The UAE’s DIFC Innovation Hub is home to more than 700 growth-stage tech firms while being the first and largest financial technology accelerator in the Middle East, Africa, and South Asia (MEASA) region, according to a press release.

ADIB signed the strategic partnership agreement during the second edition of Dubai FinTech Summit, which was held on May 6-7 2024 at the Madinat Jumeirah, participating as a Principal Institution Partner in DIFC Innovation Hub's 2024 Innovation Scouting programme.

The programme aims at connecting businesses and financial industry leaders with some of the most innovative fintech startups across the region to accelerate innovation adoption across verticals.

Chief Digital Officer at ADIB, Fernando Plaza, said: “This strategic collaboration with DIFC Innovation Hub underscores our commitment to embracing disruptive technologies and fostering a culture of innovation at ADIB.”

DIFC Innovation Hub will provide ADIB with support to collaborate with the shortlisted fintech startups to ensure successful implementation. The hub will further hold highly-customised and targeted discovery sessions with major shareholders from the UAE lender to identify specific business needs for fintech innovation.

Plaza noted: “We are confident that this partnership will unlock new opportunities for growth and allow us to deliver an enhanced banking experience to our customers.”

He concluded: “Moreover, it [the partnership] will contribute to the advancement of the UAE’s financial sector, positioning the nation as a leader in fintech innovation on a global scale.”

Meanwhile, Mohammad Alblooshi, CEO 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.”

Alblooshi added: “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.”

In May 2024, ADIB unveiled an expansion plan to improve business banking services in the UAE while serving the SME sector.

During the first quarter (Q1) of 2024, the bank posted net profits after tax worth AED 1.45 billion and revenues of AED 2.50 billion.

 

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