Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) on Monday announced that it signed a memorandum of understanding (MoU) with Abu Dhabi Global Market (ADGM) to seek to collaborate and consult on FinTech ecosystem development.
Under the terms of the MoU, ADIB will partner with the FSRA across a range of Shari'a-compliant FinTech-related initiatives, the company said in a press release.
The company highlighted that this partnership would support members of the Abu Dhabi Regulatory Laboratory (RegLab) --- a regulatory framework that offers a controlled, supportive environment for FinTech innovators to develop and test their products and services with the regulator.
During the first half of 2017, the bank executed 67% of its transactions through digital platforms, including an average of 1.7 million transactions per month through smartphones, the company added.
“Formalising our partnership with ADGM puts in place a framework through which ADIB can leverage its own experience in developing innovative technology to support FinTech start-ups.” COO at ADIB Sagheer Mufti said.
Earlier this year, ADIB had launched its new generation of a digital branch called ‘ADIB Express’, providing customers with access to an array of digital services within the branch environment.
