Abu Dhabi Islamic Bank (ADIB) has teamed up with IBM to build a new digital studio.

Abu Dhabi (© Wikipedia)

Abu Dhabi (© Wikipedia)

ADIB says the studio will be the first of its kind in the region, and it will be used to work on various digital innovation projects across the bank, including mobile banking iOS apps built on IBM’s Bluemix cloud platform and IBM Mobilefirst.

Sagheer Mufti, chief operating officer, ADIB, says the digital studio means it now has access to a team of ‘dedicated IBM digital experts’ – such as people from IBM Design and IBM Interactive Experience, the industry’s ‘largest hybrid digital agency and consultancy’.

The bank says it is looking to increase its activities in the fintech space, and will be using Bluemix to work on next-generation apps for cognitive computing and analytics.

ADIB will also deploy the IBM MobileFirst for iOS trusted advisor app, allowing their financial advisors to access and manage client portfolios from their iPads.

Fintech in the UAE

In the United Arab Emirates (UAE), there have been several other notable developments.

UAE Exchange, a money transfer and foreign exchange company based in Abu Dhabi, chose Sungard to automate its treasury operations.

Sungard is providing its Ambit Treasury Management (formerly Quantum) software, which UAE Exchange hopes will reduce manual treasury tasks, allow the quick transfer of funds and centralise payments.

Sharjah-based Investbank went live with a new core banking system, ICBS, supplied by regional vendor BML Istisharat. The go-live took place on 1st November 2015. The ICBS platform has replaced Oracle FSS’s Flexcube,

National Bonds, a Shari’ah-compliant savings and investments firm, selected Fiserv’s AML (anti-money laundering) Risk Manager.

The solution will be used for detection, investigation and resolution of financial crimes and to ensure regulatory compliance. Fiserv says AML Risk Manager uses analytics and visualisation to offer behavioural profiling.

Finally, Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, introduced Visa Paywave cards for contactless payments.

The technology removes the need for PIN numbers and signatures for purchases below AED 300 ($81.7). Paywave can be found on credit and debit cards, and can also be enabled on a mobile phone.

By Antony Peyton.

by IBS Intelligence