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Emirates NBD, the leading banking group in the MENAT (Middle East, North Africa and Turkey) region, continues its strategic partnership with Plug and Play Abu Dhabi, the world’s largest innovation enabler, this time looking to fintech to support the bank in the area of risk management. The event called for proposals from leading fintech companies with unparalleled technical expertise that could enhance banks’ risk management and cybersecurity models.
The collaboration further builds on Plug and Play Abu Dhabi’s longstanding partnership with the banking group. Most recently, Emirates Islamic partnered with the platform to drive innovation in Islamic banking. In 2022, Emirates NBD is also partnering with the platform to drive its open innovation ecosystem globally.
Through Plug and Play Abu Dhabi’s strong global network, Emirates NBD extends its fintech collaboration footprint to a wider range of global cutting-edge technology players. The ongoing collaboration will now focus on supporting the requirements of Emirates NBD Group Risk in three key opportunity areas:
Cyber Security Risks – Develop cutting-edge recommendations to protect customers’ sensitive data and prevent costly data breaches.
Credit Risk – Conduct risk assessments for retail customers using data and new technologies appropriate to the regulatory environment and risk appetite, while developing more accurate credit risk models for better and faster lending decisions.
Conduct Risk – Develop solutions that take a comprehensive and cost-effective approach to identifying and mitigating conduct risk by aggregating disparate sources of communication and categorizing behavior.
Manoj Chawla, Group Chief Risk Officer, Emirates NBD, said: “We look forward to the innovative solutions this partnership will bring and support banks in managing risk in a rapidly changing and highly volatile economic environment. From cybersecurity risk to credit risk, banks must stay ahead status to ensure the safety of our customers’ assets. Today, we have an exciting opportunity to once again lead the way and meet our customers’ growing needs.”
Abdulla Qassem, Group Chief Operating Officer, Emirates NBD, commented: “We are delighted to continue our strategic partnership with global innovation giant Plug and Play Abu Dhabi. Once again we have the opportunity to explore fintech capabilities with global innovation-driven start-ups, Unlocks the potential to develop solutions that simplify operations while significantly enhancing the customer-centricity of our offerings.”
Omeed Mehrinfar, Managing Partner, Plug and Play EMEA, said: “We are delighted to continue our partnership with Emirates NBD to strengthen their risk management and cybersecurity model. Our call on leading fintech companies to have unrivaled technical expertise is a testament to our Committed to finding innovative solutions for the financial industry. We look forward to working with these fintech companies to come up with proposals that will create a better and safer future for their customers and the industry as a whole.
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