Abu Dhabi Commercial Bank (ADCB) has joined forces with innovation platform Plug and Play to drive its digital transformation plan.
Through Plug and Play, ADCB can connect to technology startups and experiment with various fintech propositions.
Plug and Play managing partner for Middle East Omeed Mehrinfar said: “We are determined to support ADCB in achieving its digital and innovation objectives, as well as continuing to attract entrepreneurial talent from across the globe to Abu Dhabi.”
The innovation platform’s network includes over 10,000 startups and 280 corporate partners and operates in over 25 locations worldwide.
ADCB group COO Siddiqa Abbas said: “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.
“We look forward to working closely with Plug and Play to explore new ways to improve the bank’s digital capabilities and to drive meaningful innovation that delights customers every step of the way.”
The services offered by ADCB include consumer and wholesale banking, as well as property management.
The government of Abu Dhabi holds a 60.2% stake in ADCB through the Abu Dhabi Investment Council.
Earlier this year, ADCB merged operations with domestic peers Union National Bank and Al Hilal Bank.
The consolidation resulted in the creation of the third-largest bank in the UAE. The merged entity had AED417bn ($114bn) in assets at the end of June 2019.
