Emirates Islamic, Plug and Play Abu Dhabi accelerates fintech innovation in the UAE
Emirates Islamic bank has launched a fintech accelerator campaign in partnership with Plug and Play Abu Dhabi.
The campaign is a call to action for Islamic fintechs and financial startups with propositions that can improve customer journeys across SME finance, trade finance and financial wellness. This builds on Plug and Play Abu Dhabi’s partnership with the banking group. Earlier in 2022, Emirates NBD had partnered with the platform to boost the open innovation ecosystem globally.
As a player in digital banking, Emirates Islamic has continued to strengthen its digital offerings, giving customers easy access to a range of transactions supported by banking innovation. In 2022, the bank launched various initiatives, including ATM/CDM transformation and pioneering chatbot banking, and recorded a 21% increase in online and mobile banking transactions.
Harnessing innovation in the Islamic fintech ecosystem
The fintech accelerator campaign will enable the bank to deliver differentiated offerings with support and co-creation of solutions with fintech players operating in the Islamic fintech space.
Through Plug and Play Abu Dhabi’s robust global network, Emirates Islamic will expand its Islamic fintech collaboration to a wider range of fintech accelerators from around the world. The campaign aims to serve Emirates Islamic’s priority areas, where Plug and Play Abu Dhabi will actively screen global start-ups that best suit Emirates Islamic’s business needs, including:
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Streamline the banking process for small businesses, offering affordable solutions and real-time financing, while optimizing back-office operational efficiency;
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Digitizing the trade finance process for an improved customer journey, reduced turnaround time, minimal operational costs and a more secure platform;
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Personalize financial wellness through insights and portfolios that help clients manage their money more meaningfully.
Emirates Islamic officials said that with the support of players such as Plug and Play, they aim to create a robust ecosystem of financial innovators and game changers that further their exploration of the potential of fintech capabilities. Emirates Islamic continues to embrace new technologies to advance the impact of Islamic finance worldwide, supporting the vision of making Dubai the global capital of the Islamic banking industry.
In addition to commenting on the development, Plug and Play Abu Dhabi representatives said they are delighted to partner with Emirates Islamic and support the UAE’s mission to drive innovation and offer cutting-edge fintech solutions. Through this collaboration, they hope to stimulate the development of new ideas and technologies that can help streamline the banking process for SMEs, digitize the trade finance process and personalize financial well-being. Together, they will create a more inclusive and secure financial landscape for the people of the United Arab Emirates and customers of Emirates Islamic.
