Emirates NBD bank’s partnership with Dubai International Finance Centre’s fintech Hive received positive ratings from American rating agency, Moody’s. DIFC fintech Hive is the region’s first and biggest fintech accelerator and hub.
The bank is collaborating with DIFC fintech Hive for the certification of five fintech startups. The five fintech startups used ENBD’s application programming interface (API) sandbox to create and demonstrate working innovative financial solutions.
According to Moody’s, the collaboration will help ENBD in developing new digital products and services, which will enable the bank to meet the evolving requirements of its customers.
As an early adopter of digital technology in banking, ENBD’s collaboration with fintechs will help it to combine the fintechs’ ideas and technical expertise with its own knowledge to introduce new digital products and services.
ENBD’s API sandbox opens a new way for other banks and fintechs in UAE and GCC region to collaborate.
The five fintech startups that collaborated with ENBD include Monimove, a digital trade finance and supply chain solution; Norbloc, a shared Know Your Customer (KYC)solution using blockchain; Gamechanger, a keyboard banking solution which helps you bank while chatting; Leap Fin Tech a digital on boarding solution for small and medium sized enterprises and Bankbuddy, a chatbot for the financial industry.
The collaboration programme was open to all the fintechs that were registered under the DIFC fintech Hive. The programme gave the fintechs an opportunity to test their technology’s ability to merge with a real bank.
The sandbox platform contains more than two hundred application programming interfaces and five hundred endpoints that cover all kinds of business lines.