ABU DHABI - Abu Dhabi Global Market, ADGM, and Bank Hapoalim have signed a Memorandum of Understanding, MoU, to jointly promote and develop financial technology (FinTech) innovation, ecosystems, and market opportunities that will support the digital transformation of the financial services landscape and connect the economies in the UAE and Israel.
Founded almost 100 years ago, Bank Hapoalim is Israel's most significant and leading financial institution. The bank is a household brand for consumer and corporate lending and resides over one of the largest retail branch network in the country.
As part of the MoU, ADGM and Bank Hapoalim will collaborate on a range of FinTech-related initiatives and innovation projects, including the development of FinTech solutions to facilitate international trade, business and financial services activities between the UAE and Israel. They will also support FinTech companies and entrepreneurs seeking to scale their presence and deployment across the UAE and Israeli markets.
Commenting on the new partnership, Dhaher bin Dhaher Al AlMheiri, CEO of the ADGM Registration Authority, said, "We are pleased to embark on a new era in the Middle East region to enable greater business and FinTech developments and foster beneficial technology collaborations and participation among ADGM, Abu Dhabi and Israel. ADGM is continuously working with strategic partners, locally and internationally, to further the Abu Dhabi and UAE’s economic plans and technology agenda, and we are excited to partner with Bank Hapoalim to advance the banking and financial services in both jurisdictions.
"ADGM will continue to collaborate with strategic industry leaders and introduce new initiatives that will effectively cater to the needs of the financial services community".
In turn, Dov Kotler, CEO of Bank Hapoalim, said, "The agreement signed this morning with Abu Dhabi Global Market is a breakthrough pact that we hope will serve to extend and strengthen the financial corporation between the UAE and Israel. It will enable FinTech companies, customers of Bank Hapoalim, access to a new world of opportunities. It is a great honour to be the first bank to sign such an agreement that will contribute to the establishment of the relationship between our two countries and economies.
As a validation of the new partnership, Kotler will be speaking at the upcoming FinTech Abu Dhabi Festival, and expounding further on the opportunities and potential of the MoU in bridging the FinTech ecosystems between the UAE and Israel.
© Copyright Emirates News Agency (WAM) 2020.