ABU DHABI, United Arab Emirates, Aug. 5, 2019 /PRNewswire/ -- Abu Dhabi Commercial Bank (ADCB) has announced its partnership with Plug and Play, the largest global innovation platform headquartered in Silicon Valley, and Abu Dhabi Global Market (ADGM), the award-winning international financial centre in Abu Dhabi. Along with 80 other financial institutions across Silicon Valley, New York, Singapore, Tokyo, Paris, and Frankfurt, ADCB will join Plug and Play's global ecosystem, leveraging the platform to support its comprehensive digital transformation strategy.
Plug and Play is renowned for connecting the best technology startups with the world's largest corporations to boost digital transformation programs. The partnership kicked off with a successful hackathon at the ADGM Academy earlier last month and unlocks a world of opportunities for ADCB to experiment with numerous Fintech propositions and enable new ways of adapting digital transformation.
Siddiqa Abbas, ADCB's Group Chief Operations Officer, said: "ADCB is committed to developing innovative products and services that not only help in streamlining processes but also ensure meaningful interventions focused on the customers' needs and expectations. The partnership comes at an exciting time for the UAE's financial services industry when technology like Artificial Intelligence, Robotics, Machine Learning and Data Analytics offer many new opportunities. We look forward to working closely with Plug and Play to explore new ways to improve the bank's digital capabilities and to drive meaningful innovation that delights customers every step of the way."
Plug and Play is a global innovation platform that connects startups, corporations, and investors throughout the world. Its introduction means that both startups and partner corporations can thrive together through investments, pilots, acquisitions, and mutual growth. Plug and Play's network encompasses more than 10,000 startups in various disciplines worldwide, with over 280 corporate partners, and a presence in more than 25 locations globally.
"We are thrilled to announce our partnership with ADCB, one of the largest banks in the UAE. We are determined to support ADCB in achieving its digital and innovation objectives, as well as continuing to attract entrepreneurial talent from across the globe to Abu Dhabi," said Omeed Mehrinfar, Managing Partner, Middle East at Plug and Play.
Plug and Play partnered with Abu Dhabi Global Market (ADGM) in 2018 and kicked off its first Fintech accelerator program in Q3 of 2018, supporting financial institutions across the region throughout their innovation journey to strengthen their competitive advantage.
ADCB Group is a leading UAE banking group that provides a full suite of award-winning products and services, spanning Consumer Banking, Wholesale Banking, Treasury & Investments and Property Management.
On 1 May 2019, ADCB and Union National Bank merged and the combined entity acquired Al Hilal Bank, which operates as a separate Islamic banking entity under its own brand within the Group. The transaction reinforced ADCB's position as the third largest bank in the UAE, with assets of AED 417 billion based on pro-forma financial information as at 30 June 2019.
The Group serves over 1 million customers.
ADCB Group, which is 60.2% owned by the Government of Abu Dhabi through the Abu Dhabi Investment Council, trades on the Abu Dhabi Securities Exchange (ADX) under the ticker of ADCB. As at 30 June 2019, ADCB's market capitalisation was AED 58 billion.
About Plug and Play
Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services, and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in over 25 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 10,000 startups and 280 official corporate partners, we have created the ultimate startup ecosystem in many industries. We provide active investments with 200 leading Silicon Valley VCs, and host more than 700 networking events per year. Companies in our community have raised over $7 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, and PayPal. For more information, visit www.plugandplaytechcenter.com
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi's position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM's strategy is anchored by Abu Dhabi's key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law.
Since its inception, ADGM has been awarded the "Financial Centre of the Year (MENA)" for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details of ADGM, please visit www.adgm.com or follow us on Twitter: @adglobalmarket and LinkedIn: ADGM
SOURCE Plug and Play