Abu Dhabi-based Al Hilal Bank will partner with the international financial centre, Abu Dhabi Global Market (ADGM) to promote the growth and development of fintech and Islamic Finance across the UAE.
Fintech solutions spanning mobile and e-banking, digital value-added services, blockchain, APIs, and automation would be developed in response to business issues faced there.
A Memorandum of Understanding (MoU) was signed recently at the ADGM Authorities Building on Al Maryah Island signifying the two parties’ collaboration.
Al Hilal Bank was represented by its CEO Alex Coelho, while ADGM was represented by the CEO of the Financial Services Regulatory Authority (FSRA), one of its three independent authorities for financial services.
Based on the MoU, Al Hilal Bank would also work closely with e FSRA in developing Islamic products for the future.
Additionally, Al Hilal Bank would set up a special-purpose vehicle within the ADGM, which would be tasked with enabling the accomplishment of a number of key initiatives.
Alex Coelho, CEO at Al Hilal Bank, spoke of the partnership in terms of a mutually beneficial partnership that would also transform financial services there for the benefit of all:
Alex Coelho
“ADGM holds a critically important role in expanding the UAE’s global reach and it is our pleasure to embrace this mutually beneficial partnership.
We strongly believe that holding hands with ADGM not only further strengthens our capabilities but also accretes value to the transformation of our industry for the benefit of our stakeholders, customers, employees, the community we serve and our financial partners.’
Meanwhile Richard Teng, CEO, Financial Services Regulatory Authority of ADGM observed how the partnership could strengthen the prevailing financial services landscape there:
Richard Teng
“ADGM is pleased to partner Al Hilal Bank, one of the most progressive home-grown Islamic banking leaders, on initiatives and programmes that serve to bolster the Islamic financial market and enhance the Fintech ecosystem in Abu Dhabi.
We share the common ambition to provide a conducive environment for more fresh and innovative solutions to address the needs of consumers and our stakeholders in Abu Dhabi and regionally.
Featured Image via adgm.com
