Duo to tap evolving FinTech potential for enhanced risk management and cyber security models
Dubai, UAE: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, continues its strategic partnership with Plug and Play Abu Dhabi, the world’s largest innovation enabler, this time seeking FinTech’s to support the bank in its risk management domain. The campaign calls for leading FinTechs with unmatched technology expertise to bring forth propositions that can enhance the bank’s risk management and cyber security models.
The collaboration further builds on Plug and Play Abu Dhabi’s long-standing partnership with the banking Group. Most recently, Emirates Islamic had partnered with the platform to drive innovation in the Islamic banking sector. In 2022, Emirates NBD too had collaborated with the platform to boost its open innovation ecosystem globally.
Through Plug and Play Abu Dhabi’s strong global network, Emirates NBD will extend its FinTech collaboration footprint to a wider reach of cutting-edge technology players from around the world. The continued collaboration will now focus on supporting the requirements of the Emirates NBD Group Risk Department across three key areas of opportunity:
Cyber Security Risk – To develop cutting-edge propositions to protect customers’ sensitive data and prevent costly data breaches.
Credit Risk – To perform risk assessment for retail clients by leveraging data and new technologies that fit with the regulatory environment and risk appetite, while developing more accurate credit risk models for better and faster lending decisions.
Conduct Risk – To develop solutions to identify and mitigate conduct risks by aggregating different sources of communication and classifying behaviours for a comprehensive and cost-effective approach.
Manoj Chawla, Group Chief Risk Officer, Emirates NBD, said: “We look forward to the innovative solutions that come out of this collaboration and support the bank in managing risk in a fast-changing economic environment with high volatility. From cyber security risks to credit risks, banks must stay ahead of the curve to ensure the safety and security of their customers’ assets. Today, we have an exciting opportunity to lead the way once again and address the growing needs of customers.”
Abdulla Qassem, Group Chief Operating Officer, Emirates NBD, commented: “We are excited to be continuing our strategic partnership with global innovation giant Plug and Play Abu Dhabi. Once again, we are presented with the opportunity to explore FinTech capabilities in collaboration with innovation-driven start-ups from around the globe, igniting potential to develop solutions that streamline operations while significantly enhancing the customer-centricity of our offerings.”
Omeed Mehrinfar, Managing Partner, Plug and Play EMEA, said: “We are excited to continue our partnership with Emirates NBD in their mission to enhance their risk management and cyber security models. Our call for leading FinTechs with unmatched technology expertise is a testament to our commitment to finding innovative solutions for the financial industry. We look forward to collaborating with these FinTechs to bring forth propositions that will create a better, more secure future for their customers and the industry as a whole.”
About Emirates NBD:
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Turkey) region with a presence in 13 countries, serving over 17 million customers. As at 31st December 2022, total assets were AED 742 billion, (equivalent to approx. USD 202 billion). The Group has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 879 branches and 4,130 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.6 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv., the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is also an early supporter to Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.