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- First bank in the Middle East to collaborate with APIX
- Partnership to drive financial innovation in the region
- Emirates NBD to get access to 1,000+FinTechs and their real-time APIs
Dubai, UAE : Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, has announced a strategic partnership with FinTech collaboration platform, APIX Singapore. The partnership will provide Emirates NBD access to APIX’s network of financial institutions and FinTechs in Asia-Pacific along with their real-time APIs.
Launched by The ASEAN Financial Innovation Network (AFIN), APIX is the world’s first cross-border, open architecture API marketplace and sandbox platform for collaboration between FinTechs and financial institutions in which participants can integrate and test solutions with each other via a cloud-based architecture.
2021 was the biggest year for fintech funding in Singapore, with 43 fintechs received funding of over USD 725 million in just the first half of the year, making it a ripe market for FinTech innovation. The partnership with APIX will give Emirates NBD access to early and later stage FinTechs in Singapore, driving key discussions in new business models, regulation, public-private collaborations, and transforming the financial technologies framework.
As a part of the strategic partnership, Emirates NBD will also gain access to APIX’s catalogue of member APIs along with templates and API connectors and tools, to support rapid design and prototyping of new products. By leveraging these, the bank can develop solutions that benefit customers through improved customer experience, digitisation of processes and introduction of new products and services.
Commenting on the announcement, Miguel Rio Tinto, Group Chief Information Officer, Emirates NBD said, “As the first bank in the Middle East to team up with APIX, we are excited to discover and collaborate with international FinTech players in Singapore to bring new opportunities and drive Fintech innovation in the region. We see this as a chance to stay ahead of the curve and bring our customers best-in-class experiences through new innovative digital products and services.”
He added, “Our partnership is in line with Emirates NBD’s long-term digital strategy, as we continue to lead innovation in digital banking in the region and actively participate in the fintech start-up ecosystem.”
Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore, said, "We are proud and glad to have Emirates NBD join APIX as an essential member. We are confident that with this partnership, our organizations will succeed in our endeavours in building a stronger ecosystem while reducing technological risk and cost by leveraging APIX’s global fintech community and readily available cloud infrastructure."
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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 14 million customers. As at 31st December 2021, total assets were AED 687 Billion, (equivalent to approx. USD 187 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 900 branches and 4,079 ATMs / SDMs.
Emirates NBD Group serves customers, businesses, governments and institutions with a range of financial 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 94% of all financial transactions and requests conducted outside of its branches. The Group also operates E20., a digital business bank for entrepreneurs and SMEs and Liv., the lifestyle digital bank for millennials. Emirates NBD is an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial literacy and the inclusion of people with disabilities. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.
For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
e-mail: ibrahims@emiratesnbd.com
Tricia Kaul
asda’a bcw; Dubai, UAE
Email: Tricia.Kaul@bcw-global.com
© Press Release 2022
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