Abu Dhabi: HSBC is pleased to announce that it has joined the Abu Dhabi Global Market (ADGM) Digital Lab, a digital platform for financial institutions and FinTech firms to collaborate, test and develop innovative solutions for the financial services sector, in a controlled environment supervised by the Financial Services Regulatory Authority (FSRA).
One of the key challenges financial institutions encounter when adopting new innovations and digital solutions is integrating them with their legacy systems in a timely and cost-effective manner.
Antoine Maurel, Head of Markets & Securities Services, CEEMEA, HSBC, said: “Joining the Digital Lab allows us to trial best-in-class technologies and provides access to resources such as data, APIs, system images and reference architectures where we can validate new solutions while replicating our existing technology.
“HSBC is developing and deploying some of the industry’s most advanced and innovative technology to make banking easier and more secure. We are keen to explore and test new cost-effective solutions such as API and middleware-enabled solutions, that could connect our systems with FinTechs and other technology providers.”
The Digital Lab is built with functionalities that enable testing and verification of new products and solutions prior to procurement, thereby expediting time to market for financial institutions in a cost-effective manner.
“We welcome HSBC to the Digital Lab and look forward to providing them the tools to facilitate their partnerships with innovative startups,” said Wai Lum Kwok, Senior Executive Director - Authorisation, FSRA ADGM. “Our secure, supervised digital testing environment enables agile interactions between incumbents and newcomers, accelerating key learnings and deployment of new functionalities for businesses and consumers.”
-Ends-
Media enquiries to: Neil Churchill +971 4 423 7203 neil.w.churchill@hsbc.com
About HSBC in the MENAT region
HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Turkey (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder of Saudi British Bank (SABB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. Across MENAT, HSBC had assets of US$68.9bn as at 31 December 2020.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
