In March 2019, Emirates NBD partnered with DIFC FinTech Hive to launch a new programme where they are certifying fintechs that collaborate, co-create and innovate using the bank’s application programming interface (API) Sandbox.
Thursday 29, August 2019 BY KUDAKWASHE MUZORIWA
Moody’s said that Emirates NBD’s (A3, stable) collaboration with fintech start-ups, which all used the bank’s API sandbox, is credit positive because it will help the lender develop new digital products and services to meet evolving customer expectations, supporting the bank’s profitability.
The rating agency stated that Emirates NBD has been an early adopter of advanced digital technology and the bank’s partnership with fintechs and developers will allow the bank to combine the ideas as well as technical expertise with its own market and industry knowledge to accelerate the development and introduction of new digital products and services.
Emirates NBD’s API Sandbox is opening the way for future collaboration between other banks and fintechs in the UAE and the broader GCC region. The new digital products are expected to support the bank in meeting the evolving customer expectations amid the widening application of innovative digital financial services.
The bank recently certified Monimove, Norbloc as well as Gamechanger, Leap FinTech and Bankbuddy, a chatbot for the financial industry for successfully integrating their fintech products with Emirates NBD’s API Sandbox.
Emirates NBD’s API Sandbox is a self-contained environment that provides fintechs and developers with a simulated banking space where they can experiment and create real-world applications and services, says Moody’s.
The bank launched Liv., a lifestyle digital bank targeting millennials in 2017, which had 250,000 customers as of July, in addition to FaceBanking—a video banking platform allowing customers to engage in live chat with bank staff as well as Emirates NBD Virtual Assistant and a paperless personal loan application programme in branches.
The bank’s API Sandbox was launched in 2018 as part of Emirates NBD’s AED 1 billion ($272 million) digital transformation programme and API Sandbox follows the open banking standards.