As per the information detailed in the announcement, the campaign calls for fintechs with technology expertise to bring forth propositions that are ought to help improve the bank’s risk management and cybersecurity models.
Cybersecurity risk: for developing ‘cutting-edge’ propositions to protect all customers’ sensitive data and to prevent costly data breaches.
Credit risk: for performing risk assessment for retail clients by making use of data and technologies that match the regulatory environment and ‘risk appetite’, while simultaneously developing increasingly accurate credit risk models for improved and expedited lending decisions.
Conduct risk: for developing solutions to identify and mitigate conduct risks through means of aggregation of different sources of communication and classification of behaviours for a both comprehensive and cost-effective approach.
Commenting on this, Manoj Chawla, Group Chief Risk Officer, Emirates NBD advised that the company is looking forward to seeing which solutions come out of the collaboration and to supporting the bank in managing risk in the current high volatility fast-changing economic environment. From cybersecurity risks to credit risks, banks should ensure that their customers’ assets and safe and secure, and the collaboration is believed to help address the growing needs of customers.
Adding on this, Abdulla Qassem, Group Chief Operating Officer, Emirates NBD advised that the bank is looking forward to continuing its strategic partnership with Plug and Play Abu Dhabi. As per their statement, the enterprise is presented with the opportunity to explore fintech opportunities in collaboration with innovation-driven startups worldwide, which brings forth the potential to develop solutions that simplify operations while significantly improving the customer-centricity of its offerings.
Furthermore, Omeed Mehrinfar, Managing Partner, Plug and Play EMEA advised that they are looking towards continuing the partnership with Emirates NBD in its goal to improve its risk management and cybersecurity models.
Based on the press release, the partnership builds on Plug and Play Abu Dhabi’s long-standing collaboration with the banking group and follows the company’s February 2023 partnership with Emirates Islamic, when the latter sought assistance from the platform in driving innovation within the Islamic banking sector.
What is more, early in April 2022, Emirates NBD had too announced a separate collaboration with the platform which had the aim of boosting its open innovation ecosystem globally.
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