Dubai / WAM
Commercial Bank of Dubai (CBD) announced the opening of its Digital Lab at the Dubai International Financial Centre (DIFC) Innovation Hub, the region’s largest innovation ecosystem.
The CBD Digital Lab was inaugurated by CBD Chairman, Humaid Alqutami, CBD Vice Chairman, Sultan Saeed Al Mansoori, and the Governor of DIFC, Essa Kazim. Senior Executives from CBD including Chief Executive Officer, Dr Bernd van Linder; and DIFC Authority including Chief Executive Officer, Arif Amiri, attended to mark the occasion.
The CBD Digital Lab is the first initiative by a bank to establish a R&D facility in the DIFC Innovation Hub. The objective is to create a collaborative ecosystem in the FinTech sector by fostering innovation and supporting integration between financial institutions and FinTech start-ups.
Dr Linder commented, “We are delighted to inaugurate the CBD Digital Lab, to strengthen our Default Digital ambition and encourage FinTechs to come up with new innovative ideas and solutions that can enhance, improve and reimagine the way we serve clients. The launch of the CBD Digital Lab is in line with our commitment to support the UAE government’s initiatives to be one of the world’s most innovative nations. Further it reaffirms our efforts to expand infrastructure in financial technology, unlock innovation opportunities, and introduce new and innovative financial products to the market.”
Arif Amiri said, “DIFC continues to advance its position as the region’s leading global financial centre, business and innovation hub, driving not only the future of finance but increasingly the future economy. By supporting partners such as CBD to introduce creative initiatives similar to their Digital Lab, we are also helping Dubai become a global hub for innovation and technology. Home to the largest innovation ecosystem in the region, the DIFC Innovation Hub paves the way for entrepreneurs and innovators to further accelerate the FinTech sector in the region and further afield.”