Abu Dhabi Islamic Bank (ADIB) has teamed up with the DIFC Innovation Hub, a prominent financial technology accelerator in the Middle East, Africa, and South Asia (MEASA) region, aiming to enhance fintech adoption across the area.

This strategic collaboration was unveiled at the Dubai FinTech Summit, where ADIB was introduced as a “Principal Institution Partner” for the Hub’s 2024 Innovation Scouting program.

The program aims to connect established financial institutions such as ADIB and promising fintech startups in the region. Through this matchmaking, startups have the opportunity to create Proof-of-Concept (PoC) projects, enabling them to showcase their solutions and collaborate with ADIB on implementation.

The DIFC Innovation Hub will play a pivotal role in this initiative. Through focused sessions, it will assist ADIB in pinpointing areas where fintech can augment its operations and customer offerings.

Leveraging their network, the Hub will then scout promising startups with solutions that address these needs. Following a rigorous evaluation, ADIB will be introduced to shortlisted companies for potential PoC collaborations.

“This strategic collaboration underscores our commitment to embracing disruptive technologies and fostering a culture of innovation,” said Fernando Plaza, Chief Digital Officer at ADIB.

He emphasized that they believe it will unlock growth opportunities and enhance the banking experience. Additionally, this collaboration supports the UAE’s status as a global leader in fintech innovation. According to Mohammad Alblooshi, CEO of DIFC Innovation Hub, innovation drives progress, especially in the financial sector.

“We are thrilled to welcome ADIB as a strategic partner and are positive that this collaboration will provide unprecedented opportunities to the fintech ecosystem in the region,” Alblooshi added.