Plug and Play welcome Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank (ADCB) has announced its partnership with Silicon Valley start-up accelerator platform, Plug and Play, and international financial centre, Abu Dhabi Global Market (ADGM).
The partnership began with a hackathon at the ADGM Academy, giving ADCB the opportunity to experiment with various fintech start-ups to develop its own digital strategy.
As one of the largest banks in the United Arab Emirates, the group serves more than one million customers and stands at a market capitalisation of AED 58 billion ($15.7bn).
“ADCB is committed to developing innovative products and services that not only help in streamlining processes but also ensure meaningful interventions focused on the customers’ needs and expectations,” says ADCB’s group chief operations officer, Siddiqa Abbas.
“The partnership comes at an exciting time for the UAE’s financial services industry when technology like Artificial Intelligence, Robotics, Machine Learning and data analytics offer many new opportunities.”
Plug and Play now boasts a network of more than 10,000 start-ups and 280 corporate partners, providing a connection point for investments, pilots, acquisitions, and mutual growth.
ADGM partnered with the network company last year and kicked off its first fintech accelerator program in Q3 of 2018.