The Abu Dhabi Islamic Bank ( ADIB) has conducted a speed meeting session with the finalists part of the inaugural cycle of FinTech Hive at DIFC’s accelerator program.
The program conducted in cooperation with Accenture, chose the best eleven participants based on their business maturity, potential to grow within the DIFC ecosystem, and their degree of fit with ADIB’s partners. The startups joined the 12-week accelerator program by DIFC to attend series of workshops and mentoring sessions.
During the speed session, the rising entrepreneurs had the chance to share ideas and experiences and engage in discussions. ADIBS’s representatives led by the COO Sagheer Mufti were present to provide industry insights. The international guests of the event included angel investors and established entrepreneurs from USA, Canada, Sweden, Azerbaijan, UAE, and more. The DIFC Fintech Hive provides a growth platform and serves as a business incubator for all the eleven companies.
According to Mutfi, fintech and banks should stop seeing each other as rivals but as partners. A good collaboration between them could benefit many, added Mutfi. ADIB has a long track record of investing and implementing innovative fintech solutions in its everyday operations.
The bank has recently teamed up with Fidor to launch one of the first community-based digital banks in MENA. The new product is designed to fit the needs of the millennials by offering them quick and reliable digital banking. As a result, the users of the ADIB’s e-banking channels have more than doubled in the last year. The smartphone transactions rose by 72 % in 2017, added Mutfi.
In 2015, the bank paired with IBM to create the ADIB-IBM digital studio which was in charge of improving the bank’s digitalization and media presence. Two years later, ADIB Express was born to offer numerous e-services for the clients.