Commercial Bank of Dubai, one of the leading banks in the UAE, recently held its third CBD Innovation Challenge. The challenge was hosted by DIFC FinTech Hive, the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region.
DIFC FinTech Hive is the MEASA’s foremost platform for FinTech-based start-ups looking to capitalise on opportunities and showcase their products or solutions to organisations in the region’s largest financial ecosystem, many of whom need access to innovative technologies. The FinTech Hive aligns with the Centre’s Strategy 2030 to support Dubai’s sustained economic growth by attracting start-ups and FinTech firms and helping them make the right connections to succeed.
The CBD Innovation Challenge invited CBD employees to develop products, services and initiatives that will help CBD customers realise their financial ambitions. More than 90 cross-functional teams participated in the challenge and DIFC FinTech Hive helped select the top ten teams, matching them with FinTech partners who worked over a six-week period to develop prototypes and present their pitch to a panel of experts from CBD’s leadership team.
The winning team presented a smart savings proposition that will now embark on a deeper due diligence and solution refinement process to bring the idea to life.
Commenting on the success of the challenge, Dr Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, said: “Innovation is fundamental to our success and initiatives, such as the Innovation Challenge, ensure that we remain at the forefront of the ever-evolving financial industry. We are pleased to have collaborated with DIFC FinTech Hive for this challenge as it provided our employees with an excellent opportunity to interact with the brightest minds in the industry and supported their growth and also ours as a company.
Innovation is a core part of CBD’s strategy, and some of our best products and services, such as the CBD ONE Credit Card and CBD Investr, are the result of our employees’ creative ideas. By continuing to create a culture of experimentation and being open to change, we will be able to provide a platform to our customers that will exceed their expectations, while contributing to CBD’s growth trajectory.”
Commenting on the challenge, Raja al-Mazrouei, Executive Vice President of DIFC FinTech Hive, said: “As the region’s first and largest FinTech accelerator programme, DIFC FinTech Hive has the knowledge and expertise to turn FinTech ideas into reality. We were delighted to partner on the CBD Innovation Challenge and look forward to seeing the ideas from the initiative being introduced in the real world, which will help shape the future of finance
