|06 October, 2019

National Bank of Fujairah partners with Fintech Galaxy

Fintechs which participated NBF's challenge presented solutions for account aggregation and instant settlement and digitisation for the Murabaha process

A woman walks out of a branch of National Bank of Fujairah along Khalid Bin Al-Waleed Road

A woman walks out of a branch of National Bank of Fujairah along Khalid Bin Al-Waleed Road

REUTERS/Nikhil Monteiro

National Bank of Fujairah (NBF) has announced its partnership with Fintech Galaxy, a fintech digital crowdsourcing platform.

Recently the bank participated in the MENA Fintech hackathon organised by Fintech Galaxy, which brought together the region's leading banks, regulators, industry experts and top Fintechs to assess and devise ready-made solutions to the ever-evolving Fintech industry. The event featured a competitive hackathon which tasked 25 shortlisted Fintechs from around the world to develop and showcase disruptive solutions to briefs brought forth by some of the participating banks. Fintechs which participated NBF's challenge presented solutions for account aggregation and instant settlement and digitisation for the Murabaha process.

Devid Jegerson, NBF's head of Customer Experience and Platform, said: "We are thrilled to be joining forces with Fintech Galaxy and in extending our financial and expert-led support. NBF is the first bank to connect to Fintech Galaxy's sandbox environment which enables Fintechs to design innovative products for its clients. This Fintech hackathon has brought together some of the sharpest minds in the industry who have showcased their innovative and solutions-oriented approach to banking today. At NBF, we will continue to seize forward-thinking partnerships and opportunities that support our aim to ensure our banking platforms respond to our customers' evolving personal and business needs."

The participating Fintechs presented their ready-made solutions to key domains in the industry such as customer experience, credit ratings, payments, digital lending, smart contracts and trade finance to a judging panel of high-level executives from each of the financial institutions along with regulators and industry experts. Upon assessment NBF awarded the winners of the Hackathon of the NBF challenge.

 

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