Commercial Bank of Dubai becomes the 1st bank to establish a Digital Lab in DIFC

Commercial Bank of Dubai becomes the 1st bank to establish a Digital Lab in DIFC

Commercial Bank of Dubai, one of the leading banks in the UAE, announced the opening of its Digital Lab at the Dubai International Financial Centre (DIFC) Innovation Hub, the region’s largest innovation ecosystem.

The CBD Digital Lab is the first initiative by a bank to establish a R&D facility in the DIFC Innovation Hub. The objective is to create a collaborative ecosystem in the FinTech sector by fostering innovation and supporting integration between financial institutions and FinTech start-ups.

Dr. Bernd van Linder, Commercial Bank of Dubai Chief Executive Officer, commented:

“We are delighted to inaugurate the CBD Digital Lab, to strengthen our Default Digital ambition and encourage FinTechs to come up with new innovative ideas and solutions that can enhance, improve and reimagine the way we serve clients. The launch of the CBD Digital Lab is in line with our commitment to support the UAE government’s initiatives to be one of the world’s most innovative nations. Further it reaffirms our efforts to expand infrastructure in financial technology, unlock innovation opportunities, and introduce new and innovative financial products to the market.”

“Rapid changes in financial technology are reshaping the future of the banking industry and the CBD Digital Lab will help in driving and inspiring a culture of disruption and innovation within CBD.”

Arif Amiri, Chief Executive Officer of DIFC Authority, said:

“DIFC continues to advance its position as the region’s leading global financial centre, business and innovation hub, driving not only the future of finance but increasingly the future economy. By supporting partners such as CBD to introduce creative initiatives similar to their Digital Lab, we are also helping Dubai become a global hub for innovation and technology. Home to the largest innovation ecosystem in the region, the DIFC Innovation Hub paves the way for entrepreneurs and innovators to further accelerate the FinTech sector in the region and further afield.”

News Source: Dubai Media Office

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