Industry SectorsFinancial ServicesUAE’s ADIB partners with challenger bank Fidor

UAE’s ADIB partners with challenger bank Fidor

Abu Dhabi Islamic Bank announced the launch of what it says is the region’s first community-based digital bank.

Abu Dhabi Islamic Bank (ADIB) one of the major financial services institutions in the United Arab Emirates (UAE), has partnered with Fidor Bank to launch what is described as the region’s first ‘community based digital bank’.

“The new platform is designed to fit the lifestyle of millennial consumers also known as Generation Y, as well as those looking for a digital offering that matches their banking needs,” ADIB announced.

Fidor was founded in 2009 and claims the title of Europe’s original digital challenger bank and the world’s first ‘fintech bank’, pioneering the collaboration between traditional financial services and technology businesses.

Established originally in Germany, the bank centres around an online community, where users can exchange financial advice and also help co-create banking products. In July this year Fidor announced that it had agreed to be acquired by Groupe BPCE, the large mutually-owned French lender and created from a merger between Banque Populaire and Caisse d’Epargne in 2009.

“Our research is clearly telling us that customers are looking in particular for digital banking services that offer a seamless, easy and intuitive user experience,” said Tirad Al Mahmoud, ADIB’s chief executive officer (CEO). “Our proposition will allow users to completely change the way they bank and manage their finances using digital technology to serve all their banking needs.

“The features and services offered by the new offering are based on customer insights gained from intensive research. As we strive to constantly innovate with our offerings, we believe Fidor is an ideal partner to help us introduce this revolutionary solution.”

“We’re delighted to partner with ADIB to bring the first community based digital bank to the region,” added Matthias Kroener, CEO of Fidor Bank. “Given ADIB’s track record in offering pioneering digital banking services, our partnership makes perfect sense.”

The digital bank and its services, features and online community will be available for existing and new customers to sign up to “in the upcoming months” ADIB added.

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