(MENAFN– Khaleej Times)
Commercial Bank of Dubai (CBD), 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 10 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.
Dr Bernd van Linder, chief executive officer of CBD, said innovation is…