CBD Innovation Challenge
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 primary and largest financial technology accelerator in the Middle East, Africa, and South Asia (MEASA).
DIFC FinTech Hive is the MEASA’s foremost platform for fintech-based start-ups looking to capitalize on opportunities and showcase their products or solutions to organizations in the region’s largest financial ecosystem, many of whom need access to innovative technologies.
The FinTech Hive aligns with the center’s strategy 2030 to support Dubai’s sustained economic process 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 to help CBD customers realize their financial ambitions. Quite 90 cross-functional teams participated in the challenge.
DIFC FinTech Hive helped select the top 10 teams, matching them with FinTech partners who worked over six weeks to develop prototypes and present their pitches to a panel of experts from CBD’s leadership team.
The winning team presented a sensible savings proposition that will now embark on a deeper due diligence and solution refinement to bring the idea to life.
Dr. Bernd van Linder, a chief military officer of CBD, said innovation is prime to our success, and initiatives like the Innovation Challenge ensure that we remain at the forefront of the ever-evolving financial industry.
“We are pleased to collaborate with DIFC FinTech Hive for this challenge as it provided our employees with an excellent opportunity to interact with the brightest minds in the industry and supported their growth and ours as a company,” he said.
He said innovation might be a core part of CBD’s strategy, and a few of our best products and services, like the CBD ONE Credit Card and CBD Investor, are the results of our employees’ creative ideas.
“By continuing to make a culture of experimentation and being open to change, we’ll be able to provide a platform to our customers that will exceed their expectations while contributing to CBD’s growth trajectory,” he said.
Raja Al Mazrouei, executive vice-president of DIFC FinTech Hive, said: “As the region’s first and largest fintech accelerator program, DIFC FinTech Hive has the knowledge and expertise to show fintech ideas into reality.
We were delighted to partner on the CBD Innovation Challenge and appearance forward to seeing the ideas from the initiative being introduced in the real world, which can help shape the future of finance.”