Emirates NBD, a leading banking group in the Middle East, North Africa and Turkey (MENAT) region, is expanding its partnership with innovation enabler Plug and Play Abu Dhabi, calling for fintechs that can provide propositions that enhance the bank’s risk management and cyber security models.
Using Plug and Play Abu Dhabi’s global network, Emirates NBD aims to extend its fintech collaboration footprint to a much wider reach of technology players worldwide. The firms aim to achieve these aims with a new fintech accelerator program.
The continuing partnership will now focus on supporting the requirements of the Emirates NBD Group Risk Department as it looks for innovators in three key areas:
- Cyber Security Risk – Develop new propositions to protect customer data and prevent data breaches.
- Credit Risk – Perform risk assessment for retail clients by leveraging data and new technologies that fit with the regulatory environment and risk appetite, while developing more accurate credit risk models for better and faster lending decisions.
- Conduct Risk – Develop solutions to identify and mitigate conduct risks by aggregating different sources of communication and classifying behaviours for a comprehensive and cost-effective approach.
‘Banks must stay ahead of the curve to ensure security of their customer’s assets’
Manoj Chawla, group chief risk officer for Emirates NBD, explained how fintech could support its aims: “We look forward to the innovative solutions that come out of this collaboration and support the bank in managing risk in a fast-changing economic environment with high volatility.
“From cyber security risks to credit risks, banks must stay ahead of the curve to ensure the safety and security of their customer’s assets. Today, we have an exciting opportunity to lead the way once again and address the growing needs of customers.”
Abdulla Qassem, group chief operating officer of Emirates NBD, also commented: “We are excited to be continuing our strategic partnership with global innovation giant Plug and Play Abu Dhabi. Once again, we are presented with the opportunity to explore fintech capabilities in collaboration with innovation-driven start-ups from around the globe, igniting potential to develop solutions that streamline operations while significantly enhancing the customer-centricity of our offerings.”
Omeed Mehrinfar, managing partner at Plug and Play EMEA, said: “We are excited to continue our partnership with Emirates NBD in their mission to enhance their risk management and cyber security models. Our call for leading fintechs with unmatched technical expertise is a testament to our commitment to finding innovative solutions for the financial industry. We also look forward to collaborating with these fintechs to bring forth propositions that will create a better, more secure future for their customers and the industry as a whole.”
