ADCB collaborates with Silicon Valley’s Plug and Play and ADGM to support digital transformation
Abu Dhabi Commercial Bank (ADCB) has announced a partnership with Plug and Play, and Abu Dhabi Global Market (ADGM), an International Financial Centre located in the United Arab Emirates.
To provide support for the digital transformation program, ADCB will join Plug and Play's global ecosystem along with 80 other financial institutions across the world.
Abu Dhabi Commercial Bank (ADCB) is a leading UAE Banking Group and serves over 1 million customers with award-winning services which include Consumer and Wholesale Banking, Property Management, Finances, and Investments.
Plug and Play is the most active VC firm headquartered in Silicon Valley. It has built various accelerator programs, corporate innovation, and venture capital services to make progress in the latest technological developments. It is an innovation network of more than 10,000 different startups across the world, working with over 280 corporate partners.
Plug and Play is also known for connecting top technology startups with the best global corporations for the progress of digital transformation programs. This platform provides an opportunity for startups, corporations, and investors to work together for mutual growth and benefit.
The partnership took place in an event at the ADGM Academy in July this year and has opened up a great number of opportunities for ADCB to experiment with Fintech in exploring new ways to adapt to digital transformation.
Siddiqa Abbas, ADCB's Group Chief Operations Officer, said that they are delighted to work closely with the Plug and Play to find new ways to enhance ADCB's digital transformation abilities and ways to provide high-quality services for its customers. She also expressed ADCB's commitment to developing new products and services for a more efficient process of execution to meet the demands of customers.
She also added, "The partnership comes at an exciting time for the UAE's financial services industry when technology like Artificial Intelligence, Robotics, Machine Learning, and Data Analytics offer many new opportunities."
Omeed Mehrinfar, Managing Partner at Plug and Play has also expressed his firm's excitement over partnering with ADCB and their commitment to providing support to ADCB in its digital transformation venture, as well as its efforts to gather entrepreneurial talent in the UAE from across the world.
Plug and Play has partnered with Abu Dhabi Global Market (ADGM) in 2018 for its first Fintech accelerator program, supporting financial institutions of UAE in their innovative venture to enhance their competitiveness in the market.