Emirates NBDa leading banking group in the Middle East, North Africa and Turkey (MENAT), expands its partnership with innovation enabler Plug and Play Abu Dhabicalls for fintechs that can provide proposals that improve the bank’s risk management and cyber security models.
Using Plug and Play Abu Dhabi’s global network, Emirates NBD aims to expand its fintech collaboration footprint to a much wider range of technology players worldwide. The companies aim to achieve these goals with a new fintech accelerator program.
The continued partnership will now focus on supporting the requirements of the Emirates NBD Group Risk Department as it looks for innovators in three key areas:
- Cyber Security Risk – Develop new proposals to protect customer data and prevent data breaches.
- Credit Risk – Perform risk assessment for retail clients by leveraging data and new technologies that match the regulatory environment and risk appetite, while developing more accurate credit risk models for better and faster lending decisions.
- Behavioral risk – Develop solutions to identify and reduce behavioral risk by gathering different communication sources and classifying behavior for a comprehensive and cost-effective approach.
“Banks must be at the forefront to ensure the safety of the customer’s assets”
Manoj ChawlaGroup Chief Risk Officer for Emirates NBD, explained how fintech could support its goals: “We look forward to the innovative solutions that come out of this collaboration and support the bank in managing risk in a rapidly changing economic environment with high volatility.
“From cyber security risk to credit risk, banks need to be at the forefront of ensuring the safety and security of their customers’ assets. Today we have an exciting opportunity to lead the way again and meet the growing needs of customers.”
Abdullah QassemGroup CEO of Emirates NBD, also commented: “We are delighted to continue our strategic partnership with global innovation giant Plug and Play Abu Dhabi. Once again, we have the opportunity to explore fintech capabilities in collaboration with innovation-driven start-ups from around the world, and ignite the potential to develop solutions that streamline operations while significantly increasing the customer-centricity of our offers.”
Omeed Mehrinfarmanaging partner of Plug and Play EMEA, said: “We are delighted to continue our partnership with Emirates NBD in their mission to improve their risk management and cyber security models. Our call for leading fintechs with unrivaled technical expertise is a testament to our commitment to to find innovative solutions for the financial services industry. We also look forward to working with these fintechs to come up with proposals that will create a better and safer future for their customers and the industry as a whole.”
