The Banking The Banking Executive Magazine - June 2024 Issue

ADIB ADIB UNVEILS STRATEGIC PARTNERSHIP WITH DIFC INNOVATION HUB FOR FINTECH GROWTH IN REGION 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 acceler- ator in the Middle East, Africa, and South Asia (MEASA) region, accord- ing 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 inno- vative fintech startups across the re- gion to accelerate innovation adoption across verticals. Chief Digital Officer at ADIB, Fer- nando 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-cus- tomised and targeted discovery ses- sions with major shareholders from the UAE lender to identify specific business needs for fintech innova- tion. Plaza noted: “We are confident that this partnership will unlock new op- portunities for growth and allow us to deliver an enhanced banking ex- perience to our customers.” He concluded: “Moreover, it [the partnership] will contribute to the ad- vancement 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 sec- tor, it is the key that unlocks doors to a future where financial services are not just accessible, but transforma- tive.” Alblooshi added: “We are thrilled to welcome ADIB as a strategic partner and are positive that this collabora- tion will provide unprecedented op- portunities 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 ex- pansion 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. ISSUE 186 JUNE 2024 the BANKING EXECUTIVE 29