Emirates Islamic partners with Plug and Play Abu Dhabi to accelerate FinTech innovation in the UAE

By Leandra Monteiro

Emirates Islamic, an Islamic financial institution in the UAE, has launched a global FinTech accelerator campaign in collaboration with an innovation platform, Plug and Play Abu Dhabi.

The campaign is a call to action for Islamic FinTechs and financial startups with propositions that can enhance customer journeys across SME financing, trade finance and financial wellbeing.

This builds on Plug and Play Abu Dhabi’s partnership with the banking Group. Earlier last year, Emirates NBD had partnered with the platform to boost its open innovation ecosystem globally.

The FinTech accelerator campaign will enable the bank to deliver differentiated offerings with the support and co-creation of solutions with leading FinTech players that operate in the Islamic FinTech space.

Through Plug and Play Abu Dhabi’s global network, Emirates Islamic will extend its Islamic FinTech collaboration to a wider reach of FinTech accelerators from around the world. The campaign aims to serve Emirates Islamic’s priority areas, in which Plug and Play Abu Dhabi will actively screen global start-ups that best fit Emirates Islamic’s business needs.

Mohammad Kamran Wajid, Deputy Chief Executive Officer at Emirates Islamic, said, “The FinTech accelerator journey is one we embark on with pride. With the support of global innovation leaders Plug and Play, we aim to create a robust ecosystem of financial innovators and game changers that further our exploration into the potential of FinTech capabilities. Emirates Islamic continues to embrace emerging technologies to further the impact of Islamic finance across the globe, supporting the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the global capital of the Islamic banking industry.”

Saeed Amidi, Chief Executive Officer and Founder, Plug and Play Tech Center, said, “We are delighted to collaborate with Emirates Islamic and support UAE’s mission in driving innovation and providing cutting-edge FinTech solutions. Through this collaboration, we hope to spur the development of new ideas and technologies that can help streamline the banking process for SME’s, digitise the trade finance process, and personalise financial well-being. Together, we will create a more inclusive and secure financial landscape for the people of the UAE and customers of Emirates Islamic.”