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- Four FinTechs on boarded so far to create proof of concepts
Dubai: Emirates NBD, a leading bank in the region, is proud to announce that it has enabled open banking collaboration with the launch of its API (Application Programming Interface) Sandbox. This makes Emirates NBD the first UAE bank to introduce such a platform in the region, as part of the AED 1 billion investment it has committed to its digital transformation.
A front-runner in banking innovation, the API Sandbox marks a critical milestone in Emirates NBD’s journey to transform the way it collaborates within its digital landscape. Speaking on the occasion, Abdulla Qassem, Group Chief Operating Officer at Emirates NBD, said, “Our focus is to co-create and build new business models that offer pioneering solutions, all the while bringing new and differentiated experiences to our customers and employees.”
“The open banking sandbox environment will be a game-changer and will enable, simplify, and accelerate innovation for the bank’s employees, and partnerships with FinTechs, start-ups, creative developers, academia and SMEs, ensuring faster speed-to-market on digital banking products and services,” continued Abdulla Qassem.
Evans Munyuki, Chief Digital Officer at Emirates NBD, said, “We will now provide a lucrative opportunity and offer the right tools for enterprising FinTechs and developers to turn their creative ideas into real working prototypes which we then test with real customers, as opposed to showcasing ideas only as multipage documents and slides.”
Emirates NBD’s API Sandbox, powered by Virtusa and enabled by the Group CIO Miguel Rio Tinto, follows Open Banking Standards that ensure the utmost security and privacy for its users. The platform consists of over 200 APIs and 900 end points covering retail, corporate and SMEs. Developers also have access to over three million simulated customer transactions based on the BIAN (Banking Industry Architecture Network) model.
“Virtusa is proud to partner with Emirates NBD in the launch of the region’s First Open Banking API Sandbox. Our engineering skills and in-depth understanding of banking has enabled us to build a platform that brings banks, FinTechs, and developers together in one place, allowing them to innovate and improve the digital banking experience for customers.” said Vasudev Telikicherla, Senior Vice President and Head of Middle East Business, Virtusa.
The API Sandbox makes Emirates NBD more accessible to developers with API technology boosting the bank’s role in accelerating the region’s innovation ecosystem as well as creating increased for value for its customers and partners, while contributing to the economic growth of the region.
Evans Munyuki confirmed that Emirates NBD has a very strict registration process covering compliance and security while ensuring alignment with potential partners’ goals. So far, four FinTechs have already been on boarded on the Emirates NBD API Sandbox to create proof of concepts on the bank’s platform.
For more information on how you can collaborate, co-create, and innovate with Emirates NBD using its API Sandbox, please visit www.emiratesnbdlab.com.
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About Emirates NBD:
Emirates NBD is a leading banking Group in the region. As at 30th September 2018, total assets were AED 492.6 Billion, (equivalent to approx. USD 134 Billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank was declared the Most Innovative Financial Services Organization of the Year at the 2017 BAI Global Innovation Awards.
The bank currently has 227 branches and 1058 ATMs and SDMs in the UAE and overseas and a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand. It is a major player in the UAE corporate and retail banking arena and has strong Islamic Banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, the Kingdom of Saudi Arabia, Egypt, India, Singapore, the United Kingdom and representative offices in China and Indonesia.
The Group is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. Emirates NBD Group is an Official Premier Partner of Expo 2020 Dubai. For more information, please visit: www.emiratesnbd.com
About Virtusa
Virtusa Corporation (NASDAQ GS: VRTU) is a global provider of Digital Business Transformation, Digital Engineering, and Information Technology (IT) outsourcing services that accelerate our clients’ journey to their Digital Future. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Telecommunications, Media, Entertainment, Travel, Manufacturing, and Technology industries.
Using a combination of digital strategy, digital engineering, business implementation, and IT platform modernization services, Virtusa helps clients execute successful end-to-end digital business transformation initiatives.
Holding a proven record of success across industries, Virtusa readily understands its clients’ business challenges and uses its domain expertise to deliver innovative applications of technology to address its clients’ critical business challenges.
Founded in 1996 and headquartered in Massachusetts, Virtusa has operations in North America, Europe, and Asia.
Please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
Telephone: +971 4 609 4113 / +971 50 6538937
e-mail: ibrahims@emiratesnbd.com
Tricia Kaul
ASDA’A Burson-Marsteller; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: tricia.kaul@bm.com
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