Dubai-based bank Emirates Islamic has launched a global fintech accelerator campaign in collaboration with Plug and Play Abu Dhabi

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One of the four Islamic banks in Dubai, UAE, Emirates Islamic has launched a global Fintech accelerator campaign together with Plug and Play Abu Dhabi. The campaign is aimed at leading Islamic fintechs and financial startups wishing to enhance customer journeys across SME financing, trade finance and financial well-being.

In addition, the accelerator campaign demonstrates the bank’s commitment to the expansion of the global Islamic banking market, which?has grown rapidly in enabling ethical financial empowerment. Besides, the market rapidly grows in terms of global financial market share, estimated to reach a potential $179 billion in transaction volume by 2026.

Emirates Islamic has recently launched innovative digital offerings, including ATM / CDM transformation and cutting-edge chatbot banking while registering a 21% increase in online and mobile banking transactions.

The new fintech accelerator will enable the bank to deliver differentiated offerings jointly with leading industry players that operate in the Islamic fintech space. Accelerator’s priority areas are:

• Streamlining affordable banking solutions and real-time finance for small businesses and optimising back-office operations;
• Digitising the trade finance process for an improved customer journey on a more secure platform, with reduced turnaround time and operating costs;
• Personalising financial well-being tools through meaningful insights and portfolios, i.e., saving for Hajj or calculating Zakat.

Through Plug and Play Abu Dhabi’s robust global network, the bank will actively screen global startups that best fit its business needs and can co-create a more inclusive and secure financial landscape for the people of the UAE.

We have recently reported that the Islamic Bank of Abu Dhabi launched the release of devices for contactless payments.