Abu Dhabi Islamic Bank (ADIB), a leading financial institution, today conducted a 'speed meeting' session to engage with some of the world's most promising and exciting FinTech companies. These companies are the selected finalists participating in the inaugural cycle of FinTech Hive at DIFC's accelerator programme. FinTech Hive at DIFC is a first-of-its-kind accelerator, launched by the Dubai International Financial Centre.
The participants of the accelerator programme, which is being run in partnership with Accenture, were chosen based on their business maturity, potential to thrive in the DIFC ecosystem, and degree of fit with the partnering financial institutions, including ADIB. The event enabled the 11 financials participating in Dubai's first fintech accelerator programme to share ideas and experiences through a series of "Speed Meeting" sessions that stimulated constructive dialogue and collaboration. ADIB's experts, led by the bank's Chief Operating Officer Sagheer Mufti, were on hand to provide additional strategic insights and inspiration to the participants, which comprised entrepreneurs and businesses from countries including the USA, Canada, UK, Sweden, Azerbaijan, UAE, India, Jordan and Singapore.
Sagheer Mufti, COO at ADIB, said: "Fintechs and banks shouldn't see each other as rivals, indeed we welcome this opportunity to engage in discussion and collaboration which can benefit all parties. The DIFC Fintech Hive provides an exceptional growth platform for each of the 11 participating companies. It provides an incubator which can allow these dynamic businesses to take the next step in their development. ADIB has a strong track record of investing and implementing innovative fintech solutions which can better enhance our customers' experience."
ADIB continues to integrate pioneering technology across its banking services. The bank has partnered with Fidor to launch the region's first 'community-based digital bank'. The new platform is designed to fit the lifestyle of millennial consumers also known as Generation Y, as well as those looking for a digital offering that matches their banking needs.
The bank formed a partnership with IBM in 2015 to create the ADIB-IBM digital studio, which has been responsible for improving digitisation both within the bank, and in our app and website. This year, ADIB launched its new generation of digital branch called 'ADIB Express', providing customers with access to an incredible array of digital services within our branches and with the support of a banking attendant.
Users of ADIB's digital banking channels have more than doubled in the last 12 months, while smartphone transactions increased by 72 percent in the first quarter of 2017. As part of its digital innovation strategy, the Bank has also recently revamped its internet banking platform to enable customers to conduct their banking online in a simpler and more intuitive access across all access devices.
FinTech Hive at DIFC has been developed to help fintech businesses refine and test their proposition to meet the needs of the region, with the support of the world's leading financial firms. Through a series of workshops, mentoring sessions and the provision of working space in the DIFC, the 12-week programme fast tracks business concepts and helps convert them into strong, commercially viable propositions that have been tried and tested in financial services.