HSBC, Europe’s largest lender, joins The Abu Dhabi Global Market Digital Lab, a platform for financial institutions and FinTech companies to collaborate, test and develop solutions for the financial services industry.
New solutions will be developed in a controlled environment overseen by the ADGM Financial Services Regulatory Authority, HSBC said in a statement on Tuesday.
“HSBC develops and deploys some of the most advanced and innovative technologies in the industry to make banking easier and more secure,” said Antoine Maurel, Head of Markets and Securities Services, CEEMEA (Central and Eastern Europe, Middle -Orient et Afrique) at HSBC.
“We are eager to explore and test new cost effective solutions such as API (application programming interface) and middleware solutions that could connect our systems with FinTechs and other technology providers. “
This month, UAE banking and financial free zone regulators jointly released guidelines to help financial institutions safely adopt enabling technologies as the coronavirus pandemic accelerates digitalization.
The guidelines were issued by the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, the Dubai Financial Services Authority of the Dubai International Financial Center and the Financial Services Regulatory Authority of Abu Dhabi Global Market.
The guidelines define best practices for financial institutions when adopting enabling technologies such as application programming interfaces, which enable FinTechs to work with bank software; Big data analysis; artificial intelligence; biometrics; cloud computing and distributed ledger technology.
The ADGM aims to bring its community of digital laboratories to 300 entities by the end of 2022, against 90 currently, according to its president Ahmed Al Zaabi.
HSBC announced a 76% increase in third-quarter profits after the lender released provisions for bad debts that did not materialize.
Pre-tax profit for the quarter at the end of September stood at $ 5.4 billion, down from $ 3.1 billion a year earlier, the bank said in October.
Updated: November 23, 2021, 4:20 PM