Financial news

Emirates NBD, the banking group for the Middle East, North Africa and Turkey (MENAT), has launched its the Emirates NBD ‘Digital Asset Lab’, a platform enabling and accelerating digital asset and financial services innovation in the UAE.

Through its new Digital Asset Lab, Emirates NBD is aiming to create a platform with industry experts which enables co-creation and experimentation for the development of innovative ideas in financial services using digital assets.

The Lab focuses on digital assets and how it can leverage underlying technologies to enable customers to effectively manage their financial services requirements as the digital asset ecosystem continues to evolve.

The bank’s new platform will also enable global accessibility of subject matter experts and foster education and awareness for its customers, while looking to enhance efficiency and ensuring security and transparency.

The Dubai FinTech Summit saw Emirates NBD sign innovation focused agreements with professional services firm, PwC, and digital asset transfer and direct custody technology platform, Fireblocks, as founding council members.

‘A hub for innovation, experimentation and collaboration’

Abdulla Qassem, group chief operating officer at Emirates NBD, said: “As a front-runner of digital innovation, we are always looking to differentiate ourselves and stay ahead of the curve, especially when it comes to keeping pace with the dynamic digital landscape.

“The launch of our new Digital Asset Lab further consolidates our position as a digital leader and an innovator in the region’s financial sector. We are excited to collaborate with the best and most inventive names in the industry, to enhance our customers’ banking experiences.

“Our new Digital Asset Lab serves as a hub for innovation, experimentation and collaboration in the digital asset space, supported by industry partners. We see this as another stride towards accelerating our transformation journey and developing the latest solutions that optimise customer experience.”

Michael Shaulov, CEO and co-founder of Fireblocks, discussed the company’s agreement with the banking group. Shaulov said: “Fireblocks is thrilled to be a founding council member of Emirates NBD Group’s Digital Assets Lab alongside an illustrious group of leading digital innovators. The announcement marks another significant milestone in the region, creating a springboard for digital asset and financial services innovation and placing Dubai at the precipice of the new digital frontier.”

Stephen Anderson, Middle East’s strategy and markets leader at PwC, said: “PwC is proud to partner with Emirates NBD on the Digital Assets Lab to accelerate digital transformation in the region’s financial sector. As a leading advisor in this space, we bring deep expertise, innovative solutions, and strong connections into the fintech start and scale-up ecosystem.

“Together, we will co-create cutting-edge solutions that enhance the customer experience and drive inclusion and innovation, while maintaining our commitment to trust and responsibility.”