Wealthcare and savings app certified shari'ah-compliant

Singapore-based wealthcare and savings app Hugosave has been certified shari'ah-compliant by a consortium comprising Islamic Finance Singapore (IFSG), Ustaz Kamal Mokhtar, S Tradition, and Masryef.

David Fergusson, CEO, Hugosave said, “Our vision has always been to build financially healthy and thriving communities, and this certification from the consortium of established shari'ah advisory companies reinforces our commitment to the Muslim community in Singapore.

According to a 2022 report by the Islamic Corporation for the Development of Private Sector (ICD) and Refinitiv, Islamic financial assets grew to about S$4 trillion from S$2.17 T between 2015 and 2021, and are projected to rise to roughly S$5.9 T by 2026*.

Ustaz Kamal Mokhtar, Chairman of the Shariah Consortium said: “Hugosave provides another avenue for Muslim investors to diversify their investment portfolio, especially in terms of gold investment. Gold is an important component of any investor's portfolio due to its hedging mechanism against the volatility of the market. Global political uncertainties and the status and strength of the American dollar should make every investor consider increasing their gold portfolio.

"Historically since 1990 till 2020, gold prices have appreciated 360% which is about 18% annually. And the increasing demand for gold in the technology sector gives good potential for investing in gold. Hugosave provides a convenient platform for any investor to access the purchases of gold via an app. They could monitor the price of gold and make purchases from the convenience of their homes or offices.”

Hugosave is a personal finance and savings app that helps users to make smarter spending choices, save for their goals and invest. Shari'ah-compliant products offered include:

● Hugosave Accounts: Savings in these accounts are safeguarded by a local bank. ● Hugosave Visa Platinum debit card: When a client spends with their Hugosave debit card, the transaction is rounded up to the nearest dollar and the excess is saved on their behalf, which is subsequently invested in a precious metal of their choice. This card has no annual fees and no minimum income requirement. When used overseas at millions of merchants worldwide, only Visa's currency conversion applies.

● Hugosave Money Pots: Clients can set short-, medium-, or long-term savings goals and create automated saving and investing schedules to help achieve them.

● Hugosave Precious Metals: Clients can buy and sell physical gold, platinum, and silver, with a minimum investment as low as S$0.01. This feature provides clients with a live view of the value and gains of their investments, allowing them to make informed financial decisions by tracking market trends and investment performance in real time.

● Hugosave Trust: Hugosave has democratised access to a free trust service. With no fees and minimum income, clients can protect their legacy through Trustbox via a licensed trust service provider. This empowers customers to exercise greater control and flexibility over their assets, with the assurance that their wealth and assets are well-protected.

● Hugosave Rewards Centre: Clients are rewarded with sure-win spins when they reach specific milestones.

“Hugosave is leading the charge in its field by adhering to shari'ah standards, marking a significant and pioneering move that pushes the boundaries of Islamic finance in Singapore. Their bold and commendable decision to ensure their products comply with shari'ah principles sets a new standard for innovation and inclusivity in the financial industry.

"This move highlights their commitment to alternative-ethical finance and opens up new avenues for growth and development within our community. IFSG is hopeful that Hugosave's initiative will inspire other companies to embrace the principles of shari'ah compliance, thereby enriching Singapore's financial landscape with a variety of ethical and inclusive financial solutions.” said Ustaz Zul Hakim, Co-Chair of the Shariah Consortium.

“There is much confusion in navigating the current financial offerings and investments for Muslims in Singapore. Hugosave helps to simplify them and offer solutions in a shari'ah-compliant manner. Acquiring, preserving and growing wealth is part of the objectives of shari'ah. Although wealth is not an end in itself, it is a means for Muslims to live their lives, fulfil their responsibilities and prosper in this world with the blessings from the Allah SWT the All Mighty. Hugosave helps app users manage their finances, provide a payment solution, facilitate savings via gold and other precious metals, and perform investments in ETFs. All in a worry-free app (under its shari'ah-compliant tab) suitable for Muslims,” added Ustaz Aminuddin Abu Bakar, representing S Tradition.

Ustaz Hamrey Mohamad, who spoke on behalf of Masryef emphasised: “Hugosave offers innovative financial solutions designed to empower you in achieving your financial goals while adhering to the core of Islamic principles and values. With their commitment to shari'ah-compliant practices, you can invest with confidence and peace of mind to ensure halal income, insha'allah!”

Syahmi Aziz, Senior Sales Executive said: “As a Hugosave client since 2021, navigating rising costs has made me conscious of finding ways to improve and strengthen my financial wellbeing...This endorsement assures me that Hugosave is not just a reliable personal finance and savings tool but also one that aligns with my faith.”

Hugosave currently serves more than 70,000 clients.

*Islamic Corporation for the Development of the Private Sector (ICD) - Refinitiv, Islamic Finance Development Report 2022: Embracing Change.

SWT stands for subhanahu wa ta'ala (سُبْحَانَهُ وَتَعَالَى⁩), 'glorious and exalted is He'.

ETF is an exchange-traded fund.

Islamic robo-advisor Wahed launches in UAE

Wahed, a global shari'ah-compliant fintech, has launched after having been granted Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). It is the country's first dedicated Islamic digital investment platform.

Wahed aims to democratise access to financial services in the UAE. With minimums of US$500, low fees, and no lock-in period for diversified shari'ah-compliant portfolios, Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors, the company said.

Since its launch in 2015, Wahed has attracted over 300,000 customers worldwide and has raised more than US$75 M in funding from family offices, institutions and high-profile backers, including Dubai Cultiv8, international footballer Paul Pogba and UFC champion Khabib Nurmagomedov. Both Pogba and Nurmagomedov are Wahed brand ambassadors.

Junaid Wahedna, CEO, Wahed said: "We consider the UAE our home. I grew up in the UAE and am very excited to bring our technology and investment efficiencies to the UAE's flourishing business environment in Abu Dhabi, ADGM and beyond. We are committed to contributing to an increase in the savings culture amongst the youth and professionals in a safe and shari'ah-compliant manner, in line with the cultural values of the UAE."

Arvind Ramamurthy, Chief of Markets at ADGM said, "We are pleased to welcome Wahed to ADGM's international financial centre and vibrant community and congratulate them on being granted the FSP by ADGM's FSRA. With a world-class progressive regulatory ecosystem, ADGM aims to catalyse the growth of fintech innovators by fostering a trusted, collaborative, and enabling marketplace for Abu Dhabi, the UAE and the wider region. The launch of Wahed in the UAE brings next-gen financial services and strengthens our growing digital economy".

Islamic Fintech Dialogue aims to analyse ecosystem

The 3rd Islamic Fintech Dialogue (IFD) focuses on the convergence of the fast-growing Islamic finance industry with the financial technology (fintech) industry. Established in 2017, IFD has become a trailblazer platform for dialogue and engagement among industry experts.

The global COVID-19 pandemic has intensified the need to adapt and accelerate the digitalisation of financial services as a survival strategy across the globe. Market players and regulators of the Islamic financial services industry must make it a top priority. Institutions that drag their feet on planning for fintech will face irrelevance or, more likely, extinction. Can the Islamic fintech industry transform this disruption into new solutions and opportunities?

Although the Islamic fintech industry is expanding, there are still gaps in the industry. In the interest of creating an Islamic fintech ecosystem, whether regional or global, these gaps must be identified. This year’s event will discuss these areas to better understand the existing ‘dots’ and how they can be better connected, leading to this year's theme: Islamic Fintech Ecosystem: Connecting the Dots. It will also explore what fundamental building blocks are still missing.

The event will feature the launch of an Islamic Fintech Report that will provide wider insight about the Islamic fintech industry. The 1st IFD set the stage with discussions on the fundamentals of fintech in Islamic finance. It highlighted developments in key fintech areas such as governance, regulations, shari'ah compliance and technology. The 2nd IFD dealt with the challenges and opportunities that fintech brings to the Islamic finance industry. It provided insight on how fintech is challenging the norm in the global financial industry and disrupting the Islamic financial system.

The 2nd IFD also hosted the event’s first pitch competition with 26 submissions from various countries, including Malaysia, Indonesia, Bahrain, Morocco, Singapore and Pakistan.

The IDF is organised by the International Shari'ah Research Academy for Islamic Finance (ISRA), which was established in 2008 by the Central Bank of Malaysia as an Islamic finance and shari'ah-related research institution.

Details:

The e-conference is held on 1 and 2 December, 2020.

Register.

TrueMoney now offers 13,500 service points in Indonesia

PT Witami Tunai Mandiri, the Indonesian operations of Southeast Asian fintech firm TrueMoney, has reached the milestone of 13,500 Indonesia customer service points.

Through these agent-managed service points TrueMoney provides a suite of e-money solutions, including depositing and withdrawing cash, paying for online purchases, and domestic fund transfers, which are fully compliant with Indonesian central bank regulations.

Alfamart, one of Indonesia’s largest convenience store operators, is TrueMoney’s latest partner, bringing its 13,168 outlets onto TrueMoney’s agent network. With TrueMoney’s suite of e-money solutions, Alfamart’s customers – many of which have no bank account or credit/debit card – can use digital financial services – pay, purchase, and transfer – that they may otherwise have no access to.

With this development TrueMoney has become one of the largest non-bank e-money providers in Indonesia, and the first non-bank fintech firm to hold a remittance license as well as a shari'ah-compliant e-money license, critical for reaching a large percentage of Indonesian consumers.

Nussy Aryanto, President of TrueMoney Indonesia said, “Far too many of Indonesia’s people have no, or very limited access to financial services. By being mobile first and working with a number of partners such as Alfamart, we are able to offer access, convenience and completely new financial products to this large population. Our mission is to bring basic financial services to every single Indonesian.”

According to the International Finance Corporation about 20%-25% of Indonesia’s 255 million population has a bank account, but there are around 325 million mobile subscriptions. With 85% of the population owning a mobile phone, about half of which are smartphones, digital mobile services delivered have the potential of reaching more people.

Hans Prawira, President of Alfamart said, “We have millions of customers across Indonesia, especially outside of major cities.We are always trying to serve their needs, and our partnership with TrueMoney will bring a whole new set of products and services that will improve our customers’ lives. It will now be much easier and cheaper for them to send and receive funds from relatives, using cash at our outlets; their lives will be changed.”

TrueMoney provides a number of e-payment services across Southeast Asia, including TrueMoney Wallet, WeCard (with MasterCard), TrueMoney Cash Card, kiosks, payment gateways, and remittances. It also provides cash-in and cash-out services, which are available at any of TrueMoney’s 13,500 agent locations in 10 provinces.

TrueMoney Indonesia has also introduced TrueMoney Remittance with Alphamart as the service provider. TrueMoney Remittance is a cash-to-cash service which allows customers to send and withdraw cash from any of Alphamart’s 13,168 stores.

TrueMoney launched its operations in Indonesia in June 2016. The partnership with Alfamart follows a number of significant partnerships across Indonesia, including with Samsung. TrueMoney is a subsidiary of Thailand-based Ascend Money, one of the largest fintech companies in Southeast Asia with over 20 million customers. Ascend Money is backed by Thailand’s CP Group and recently secured a 20% investment by ANT Financial Services Group, operator of China’s Alipay e-wallet.

Islamic banking could receive boost from fintech innovations

• The Gulf Cooperation Council (GCC) region’s share of participation banking grew to 72%
• KSA, the UAE and Malaysia are the three largest participation banking markets, in terms of assets

According to EY’s recent Banking in emerging markets report, the assets of global participation banking, also known as Islamic banking, has reached US$924 billion in 2015, with growth rates declining across all regions compared to previous years.

The GCC region’s share of participation banking increased to 72%, as the size of assets in the Association of Southeast Asian Nations (ASEAN) countries declined during 2015. KSA, the UAE and Malaysia are the three largest participation banking markets in terms of assets, representing 34.2%, 17.2%, 13.3% of the global market share respectively.

Gordon Bennie, MENA Financial Services Leader, EY, says: “Today, more than 2 billion adults still do not have a bank account. There are also more than 200 million micro, small and medium size businesses (MSMBs) with unmet financing needs. The demand for a responsible, shari'ah-compliant financial system is huge. There is also a wealth of business opportunities offered by fintech innovations for participation banks, particularly in emerging markets.”

In the GCC region, fintech innovations have the ability to enhance market access and profitability of banks, dramatically. A starting point for participation banks is to activate a bold strategy for the finance function – inclusive of advanced data analytics, robotic process automation, the cloud, artificial intelligence and Blockchain.

Ashar Nazim, Partner, Global Islamic Banking Center, EY, says, “The fact that almost one-third of the US$3 trillion global shari'ah-compliant assets are either reported as ‘informal or ‘best estimates’ demonstrates the limitation of participation banks in making sound strategic decisions. Chief Financial Officers (CFOs) need reliable information and we are seeing a strong desire to improve data management and analytics at participation banks through fintech innovations.”

Some of the key areas for fintech innovation that are relevant for participation banks include: SMB and peer-to-peer lending platforms, payment-related innovations such as person-to-person payments, digital authentication and digital wealth management.

“There has been a clear evolution for CFOs from having the primary role of analysing historical data to one whose focus will be providing forward-looking insights. In-memory computing and big data are the clear direction forward, with predictive analytics being a key driver of these changes. Given that there is more fintech innovation going on outside of the banks than inside, the opportunity is for participation banks to win through collaboration. The bank of the future could be a consolidation of fintech boutiques under a single brand,” comments Ashar.

If banks were to consolidate with fintech companies, it could propel participation banks to become mainstream across 20 promising markets by 2021, up from five markets today, representing a jump from 100 million customers to 250 million customers over the same period.

Source: EY report.

Digital-only banks for Millennials are another fintech trend. The Millennial generation has a clear preference for conducting their financial services on an end-to-end digital platform. Using fintech innovations, banks worldwide are stepping forward to offer digital-only banking services to meet the differentiated needs of this customer segment.

Digital-only banking could become a significant client segment for participation banks. There is a case for participation banks to evaluate collaborative ventures with fintech firms to launch digital-only banks in their respective countries.

“The adoption of fintech innovations is not an option, but an absolute imperative for participation banks to continue to gain market share. Consumer technology penetration (mobile phone, tablet, laptop) in the GCC region is now comparable with that of consumers in most developed countries. Based on their familiarity and use of consumer technology, their behaviour patterns are modifying, with increased expectation to interact with banks using digital channels. Participation banks cannot realistically expect to gain sustainable future growth in their market share if they lag behind their conventional counterparts in digital transformation through the use of fintech innovations,” concludes Ashar.

Interested?

Download the Banking in emerging markets: GCC FinTech Play 2017 report (PDF)

Read the TechTrade Asia blog post about DBS' mobile-only bank in India

Fintech and traditional bank partnerships are a win-win

• Remittances identified as key sector for fintech companies
• Dubai praised for embracing Blockchain and other technology

Fears of an imminent disruption to traditional banking from the financial technology sector are overblown, with a collaborative approach being the most likely way forward, according to experts at the Global Islamic Economy Forum (GIES) being held in Dubai, UAE.

Zubair Ahmed, Head of IT & Business Innovation at Emirates Islamic Bank, said: “The good things about fintech companies are speed and customer focus, yet the cons are they are not widely regulated. Increasingly, the relationship between banks and fintech is being seen as a much more complementary and collaborative one than competitive.”

He added that opportunities exist for fintech in innovations such as digital currencies and Blockchain. “The fintech revolution cannot be done by a single bank, but a single bank can create a new norm,” he said. “The good thing is that here in the UAE, we have a great body of federation banks which gives input to UAE Central Bank and has such discussions. Dubai government’s vision of using Blockchain I think will really help the ecosystem and third parties.”

Abdul Haseeb Basit, CFO of the UK’s Innovate Finance, agreed that a collaborative approach is most likely. “The challenge for startups is regulation. Fintech realises that regulation is where banks have an advantage, while (banks) also have the ability to access a wide customer base. Banks already have that scale so it makes sense for fintechs to partner with them rather than market on their own.”

He also agreed with Zubair that Dubai’s focus on Blockchain could be a game-changer. “Dubai’s government aspirations to be a Blockchain government are huge. Having a system where you can track and log all transactions is a great step forward. In most cases using applications which already exist actually makes financial transactions and processes cheaper and faster."

Basit identified remittances as the next big thing. “I think (remittances are) where we could see the next unicorns* in fintech,” he said. “Companies who specialise in this can come here and capture market share.”

Abdulla Al Najran, Deputy CEO, Boubyan Bank, Kuwait, said banks should view fintechs favourably. “Banks must work with fintechs as they have ideas that the older generation will not come up with. We are also working with the regulator and bringing new ideas to the table," he said.

“Non-traditional customers are choosing to go with shari'ah-compliant products and Islamic banks because of the transparency and now the technology. Technology and fintech can help Islamic banks broaden their customer base.”

David Martinez de Lecea, Specialist Consultant, FinTech, Roland Berger in the UAE said: “Regulation is the biggest challenge. We have an invested in products that are better than others but it takes six to eight months to roll them out. We are developing great solutions for customers that lower cost and improve access but the regulatory side is still looking at models that were developed two years ago. This process needs to move faster.”

He added that Dubai is successfully positioning itself at the nexus of finance and technology. “The most groundbreaking things we are going to see in the next years are artificial intelligence technology, future accelerators and initiatives launched in Dubai – very exciting things are happening here and it’s going to become the next global capital of the Islamic world,” he said.

Hashtag: #GIES2016

*A unicorn is a startup which does not yet have a track record but nevertheless is valued at US$1 billion or more.

Malaysia launches shari'ah-compliant crowdsourced investment platform, with ratings from RAM Holdings

Six Islamic banking institutions have launched the first bank-intermediated financial technology (fintech) platform in Malaysia. The Investment Account Platform (IAP) a strategic initiative of the Islamic finance industry to operationalise investment accounts, a new product offering by Islamic banking institutions. 

The platform has been developed by a wholly-owned subsidiary of Raeed Holdings, a consortium of six Islamic banking institutions: Affin Islamic, Bank Islam, Bank Muamalat, Maybank Islamic, Bank Rakyat and Bank Simpanan Nasional. In his speech, Datuk Zamani Abdul Ghani, Chairman of Raeed described the launch as an important milestone within the industry as it aims to broaden the traditional role of Islamic banking institutions, from traditional credit provider to include investment intermediary.

Similar to many fintech platforms such as crowdfunding and peer-to-peer lending platforms, IAP facilitates direct investment by investors into viable ventures of their choice. However, a key differentiating factor of IAP would be the roles undertaken by Islamic banking institutions. According to Mohamed Izam Mohamed Yusof, Chief Executive Officer of Raeed, what IAP brings to the table is the ‘trust’ factor provided by Islamic banking institutions’ experience and expertise, which is valuable in boosting investors’ confidence and enhancing financing opportunities for entrepreneurs. 

"I would say, the main challenge in developing IAP lies in streamlining various considerations including IT, banking operations, shari'ah, legal, products, recovery, risk management and compliance across the four founding banks, while ensuring that the business propositions of IAP remain competitive," he said.

"IAP is a centralised multi-bank platform that enables investors to directly finance ventures of their choice according to their risk-return preferences. The platform intends to enable different spectrums of businesses, including SMEs, corporates, new growth industries as well as entrepreneurs with good and viable projects, to gain access to financing in support of real economic growth. A unique feature of IAP lies in the intermediary roles undertaken by Islamic banking institutions, which put forth the element of trust and credibility that are valuable in boosting investors’ confidence and enhancing financing opportunities for entrepreneurs. This ultimately increases the likelihood of concluding tangible deals via IAP."

IAP was launched by Tan Sri Dr Zeti Akhtar Aziz, Governor of Bank Negara Malaysia. "Its robust risk management infrastructure, with a high degree of transparency and disclosure differentiates the IAP from other technology-based fund-raising platforms. Islamic banks in performing their intermediation role in the operationalisation of the investment accounts that are being offered on this platform, would rigorously undertake the credit assessment and screening of the listed ventures. The IAP would also require ratings on the listed ventures by rating agencies reinforced by the requirement for such ventures to comply to the disclosure standards thus enabling investors to make informed decisions. Integral to the platform is a mechanism for regular monitoring of the progress of the ventures, thus allowing for assessments to be undertaken by the sponsoring banks of any emerging risks associated with the ventures," she said. 

"The value proposition and benefits of the IAP are multi-fold. It has the potential to spur the generation of new economic strengths through the promotion of entrepreneurship and job creation while also promoting greater financial inclusion and thus enhanced prospects for balanced growth. The IAP enables investors to directly finance a broad range of economic activity of their choice, therefore diversifying their investment portfolio with exposures to various types of projects and industries that yield potential returns that are based on the performance of the underlying chosen ventures. For businesses, the IAP provides a new source of funding for activities, with more competitive financing terms in a range of financing structures. Ventures and entities of varying types, size and industries, including SMEs, listed firms and multinational companies can raise funds on this platform. Given its greater visibility, the IAP will also provide access to a broader range of individuals and institutional investors.

"For Islamic banks, the IAP creates a differentiated product that presents a new source of income and funding profile. There is also the potential for institutions with specific mandates including government agencies to strategically collaborate with the IAP and Islamic banks to form public-private partnerships to facilitate the efficient channelling of grants or funding and to facilitate financing opportunities for identified strategic ventures."

Strengthening financial inclusion and internationalisation

IAP will also be positioned as a new medium to facilitate more public-private partnerships in financing strategic ventures within specific industries. Through collaborations with IAP, government agencies can efficiently identify viable ventures to channel their grants into, and create opportunities for the private sector to partially fund these ventures. This can increase the number of beneficiaries for these grants therefore optimising the government’s revenue in spurring productive economic growth

More Islamic banking institutions are expected to join the platform moving forward. In addition to cost-efficiency factors and enhanced ability to achieve critical mass amongst clients, the competitive edge of IAP for Islamic banking institutions lies in internationalisation. IAP has the potential to be expanded as an avenue to channel local and foreign shari'ah-compliant investments in financing projects denominated in various currencies, as well as to be intermediated by Islamic banking institutions from different countries.

RAM Holdings separately announced that it has entered into an agreement with IAP Integrated to provide independent credit ratings on ventures listed on the IAP. RAM will conduct credit assessment and assign a credit rating to each venture prior to its listing on the IAP. The credit ratings from RAM provide potential IA investors with an independent, third-party opinion on the credit risk of the underlying venture. 

“RAM’s role in IAP is to provide an independent view on the creditworthiness or likelihood of the venture in meeting full and timely payment of expected profit and repayment of principal. This would require us to take into account factors beyond the track record of the entrepreneurs concerned, including industry risks and the viability of the proposal itself,” said Datuk Seri Dr K. Govindan, Group Chief Executive Officer of RAM Holdings. “We will leverage on RAM’s extensive experience in rating bonds and sukuk to deliver our credit opinions on the ventures.”

“Given RAM’s over 25 years of track record in credit ratings across various industries and geographies, it is well-positioned to conduct independent assessment on ventures listed on the IAP,” said Mohamed Izam. "RAM’s rating methodology is also familiar to most investors, which is a plus point in supplementing their investment decision making process.” 

In her launch speech Tan Sri Dr Zeti noted that Islamic finance in Malaysia has evolved into a complete Islamic financial ecosystem that operates alongside the conventional financial system. "The industry has now not only achieved a market share beyond the target of 20% by the year 2010 as was envisioned in the Financial Sector Masterplan, but it has also met the increasing and differentiated demands of the economy through the range of financial product offerings in Islamic banking, takaful and Islamic capital market segments," she said. 

Dr Zeti said the new landscape is enabled by the Islamic Financial Services Act 2013 (IFSA) takes into account the specificities of Islamic finance while ensuring a robust governance of an end-to-end shari'ah-compliant regulatory framework, and enables Islamic banks to diversify through offering investment accounts as an alternative means of raising funds from the public. "This new categorisation of deposits under the new Act has now been fully observed since mid-2015 with the effective reclassification of deposits to either being Islamic deposits or investment accounts. Following this exercise, the proportion of investment accounts to total funding for Islamic banks has increased from 7% in August to 10% as at December 2015, indicating a positive response towards this new product offering," she said. 

Abu Dhabi Islamic Bank forges ahead with innovation via IBM partnership

In line with its strategy to digitise its products and services for an enhanced customers' experience, Abu Dhabi Islamic Bank will fundamentally transform how it interacts and provides services to customers by building a new Digital Studio with IBM. The studio will be the first of its kind in the region.

The move is expected to fast-track development of digital innovation projects across the bank, including mobile banking iOS apps built on IBM Bluemix and IBM MobileFirst, enabling it to address competition from fintechs. The bank is also building a multidisciplinary digital team that will include experts from IBM Design and IBM Interactive Experience, the industry's largest hybrid digital agency and consultancy. The IBM experts will work with ADIB to create personalised and engaging digital experiences such as new mobile banking apps for consumers.

Sagheer Mufti, Chief Operating Officer, ADIB said: "ADIB aims to be the best digital bank in the UAE and the region and is continuously investing in cutting edge technologies to enhance customer experience and introduce innovative products and solutions to meet the evolving needs of its customers. In line with our core values of simplicity and mutual benefit, we are continuously looking for ways to foster innovation to deliver greater value and superior customer experience.

"The introduction of a digital studio at ADIB means we now have access to a team of dedicated IBM digital experts with proven experience designing compelling financial services and solutions that will work hand in hand with our professional team to make it easier for our customers to use our products and services and seamlessly manage their financial affairs. This studio will also play a major role in driving the various initiatives and projects across the bank to accelerate its digital transformation."

Bluemix – IBM's cloud platform – allows developers to accelerate the deployment of next-generation apps that capture the disruptive potential of cognitive computing, analytics and IoT. The cloud platform will enable ADIB to accelerate the development and deployment of these next-generation apps that leverage these innovations to offer clients a truly differentiated digital experience.

"As companies transform, it's essential to address the systemic cause of what's standing in the way of change. IBM has created a new type of design thinking that brings together product management, engineering and design teams to deliver iconic user experiences for clients," said Amr Refaat, General Manager, IBM Middle East and Pakistan. "We are working with ADIB to help them craft the entire user experience by understanding users, exploring concepts, rapid prototyping and evaluating with users and diverse stakeholders."

The Bank will also deploy the IBM MobileFirst for iOS Trusted Advisor App, allowing their financial advisors to easily and securely access and manage client portfolios from their iPads. The app empowers advisors to address the full gamut of client needs, from testing recommendations against sophisticated modelling tools all the way to complete, secure transactions. Powered by analytics, the Trusted Advice app provides predictive information that enables advisors to gain quick insight for devising client scenarios and conduct more interactive client planning sessions. Using their iPads, advisors can share graphic-rich data with clients for more engaging, personalised presentations that can be delivered wherever they meet with clients.​