CBD, DIFC FinTech Hive Ends CBD Innovation Challenge – News
More than 90 cross-functional teams participated in the challenge and the DIFC FinTech Hive helped select the top 10 teams, matching them with fintech partners who worked over a six-week period to develop prototypes and present their pitch to a panel of experts from CBD’s management team
The FinTech Hive is in line with the Centre’s Strategy 2030 to support Dubai’s sustained economic growth by attracting start-ups and fintech firms and helping them make the right connections to succeed. — Accompanying picture
Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, recently held its third CBD Innovation Challenge. The challenge was hosted by the DIFC FinTech Hive, the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA).
The DIFC FinTech Hive is MEASA’s premier platform for fintech-based start-ups that want to exploit opportunities and showcase their products or solutions to organizations in the region’s largest financial ecosystem, many of which need access to innovative technologies. The FinTech Hive is in line with the Centre’s Strategy 2030 to support Dubai’s sustained economic growth by attracting start-ups and fintech firms and helping them make the right connections to succeed.
The CBD Innovation Challenge invited CBD employees to develop products, services and initiatives that will help CBD customers realize their financial aspirations. More than 90 cross-functional teams took part in the challenge, and the DIFC FinTech Hive helped select the top 10 teams, matching them with FinTech partners who worked over a six-week period to develop prototypes and present their pitch to a panel of experts from CBD’s management team.
The winning team presented a smart savings proposal that will now embark on a deeper due diligence and solution narrowing process to bring the idea to life.
Dr. Bernd van Linder, CEO of CBD, said that innovation is fundamental to our success and initiatives, such as the Innovation Challenge, ensure that we remain at the forefront of the ever-evolving financial services industry.
“We are delighted to have partnered with DIFC FinTech Hive for this challenge as it provided our employees with an excellent opportunity to interact with the brightest minds in the industry and supported their growth and also ours as a company,” he said.
He said that innovation is a core part of CBD’s strategy and that some of our best products and services, such as the CBD ONE Credit Card and CBD Investr, are the result of the creative ideas of our employees.
“By continuing to create a culture of experimentation and being open to change, we will be able to offer a platform to our customers that will exceed their expectations, while contributing to CBD’s growth trajectory,” he said.
Raja Al Mazrouei, Executive Director of DIFC FinTech Hive, said: “As the region’s first and largest fintech accelerator programme, DIFC FinTech Hive has the knowledge and expertise to turn fintech ideas into reality. We were delighted to collaborate on the CBD Innovation Challenge and look forward to seeing the ideas from the initiative being introduced into the real world, which will help shape the future of finance.”
