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banking group Emirates NBD Further strengthened partnerships with innovation enablers Plug and Play Abu Dhabi Unlocking the fintech potential of risk management and cybersecurity models.
According to details in the announcement, the campaign called for fintech firms with technical expertise to come up with proposals that should help improve banks’ risk management and cybersecurity models.
What is required for risk management and collaboration
By leveraging Plug and Play Abu Dhabi’s strong global network, Emirates NBD extends its fintech collaboration footprint to a wider range of technology players from around the world, the ongoing partnership will focus on supporting the requirements of banking risk across three sectors Opportunities in key areas:
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cyber security risk: Used to develop “cutting edge” solutions to protect all customers’ sensitive data and prevent costly data breaches.
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credit risk: Risk assessment of retail clients by using data and technology consistent with the regulatory environment and “risk appetite”, while developing increasingly accurate credit risk models to improve and expedite lending decisions.
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conduct risk: for developing solutions to identify and mitigate behavioral risk by aggregating disparate communication sources and behavioral taxonomy for a comprehensive and cost-effective approach.
In response, Emirates NBD Group Chief Risk Officer Manoj Chawla said the company looks forward to seeing what solutions emerge from the collaboration and support banks in managing risk in the current highly volatile and rapidly changing economic environment. From cybersecurity risks to credit risks, banks should ensure that their customers’ assets are safe and secure, and believe this collaboration can help meet customers’ growing needs.
Apart from this, Emirates NBD Group Chief Operating Officer Abdulla Qassem said the bank looks forward to continuing its strategic partnership with Plug and Play Abu Dhabi. According to their statement, the business has the opportunity to collaborate with global innovation-driven startups to explore fintech opportunities, which brings the potential to develop solutions that streamline operations while significantly improving the customer-centricity of its products.
Additionally, Omeed Mehrinfar, Managing Partner, Plug and Play EMEA, said they are looking to continue their partnership with Emirates NBD in pursuit of its goal of improving risk management and cybersecurity models.
collaboration context
According to the press release, the partnership builds on Plug and Play Abu Dhabi’s long-standing partnership with the banking group and follows the company’s February 2023 Partnership with Emirates Islamicwhen the latter seeks the platform’s help to drive innovation in Islamic banking.
not to mention as early as April 2022Emirates NBD has also announced a separate collaboration with the platform, aimed at promoting its open innovation ecosystem globally.
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