Emirates NBD and DIFC FinTech Hive certify five FinTech startups
Emirates NBD’s API Sandbox equips FinTechs and developers with the tools to transform their ideas into working prototypes
Five FinTech startups that successfully integrated their products with Emirates NBD’s API Sandbox, have been certified by the bank and FinTech Hive, the DIFC-based financial technology accelerator.
Launched by Emirates NBD Future Lab in 2018, the API Sandbox consists of over 200 APIs and 500 end points covering retail, corporate and SMEs. Developers also have access to over five million simulated customer transactions based on the BIAN (Banking Industry Architecture Network) model.
Evans Munyuki, chief digital officer, Emirates NBD, said: “Emirates NBD is playing an active role in accelerating innovative collaboration in the UAE and the wider region. Initiatives such as the API Sandbox, offer a secure and safe environment for FinTechs and internal bank developers to innovate, collaborate, prototype, and accelerate speed to market using meaningful API calls and synthetic data samples.”
“This even paves the way for inclusion of government partnerships with banks and FinTechs. We are pleased to support leading accelerators such as the DIFC FinTech Hive, while connecting with startups and technology providers to find new ways to solve old and new problems as we build banking solutions for the future,” Munyuki added.
Emirates NBD’s API Sandbox equips FinTechs and developers with the tools to transform their ideas into working prototypes which integrate with the bank’s sandbox technology architecture, with the goal of accelerating the development and market introduction of digital banking products and services, while recognising FinTechs globally. The programme was open to all registered FinTechs in the DIFC FinTech Hive, allowing them to do their integration work, and present their integrated value propositions to senior leaders from Emirates NBD, thus proving their technology’s ability to integrate with a real bank, and whilst also standing a chance to possibly pursue further collaboration with the bank.
Raja Al Mazrouei, executive vice president of DIFC FinTech Hive, commented: “It’s been great to see the progression of DIFC-based FinTechs through this process, and really highlights the role the Centre is playing in driving the future of finance. The API Sandbox initiative has reinforced our continued partnership with Emirates NBD and, following its success, we look forward to seeing further collaborations come to fruition.”
The five FinTechs are:
• Monimove, a digital trade finance/supply chain solution
• Norbloc, a shared know-your-customer (KYC) solution using distributed ledgers (Blockchain)
• Gamechanger, a keyboard banking solution which helps you bank while chatting
• Leap FinTech, a digital onboarding solution for small and medium-sized enterprises
• Bankbuddy, a chatbot for the financial industry