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HSBC ties up with ADGM digital lab to develop new products


HSBC, Europe’s largest lender, is joining the Abu Dhabi Global Market Digital Lab, a platform for financial institutio­ns and FinTech firms to collaborat­e, test and develop solutions for the financial services sector.

New solutions will be developed in a controlled environmen­t supervised by the ADGM’s Financial Services Regulatory Authority, HSBC said on Tuesday.

“HSBC is developing and deploying some of the industry’s most advanced and innovative technology to make banking easier and more secure,” said Antoine Maurel, head of markets and securities services for Central and Eastern Europe, Middle East and Africa at HSBC.

“We are keen to explore and test new cost-effective solutions such as API (applicatio­n programmin­g interface) and middleware­enabled solutions that could connect our systems with FinTechs and other technology providers.”

This month, regulators of banks and financial free zones in the UAE jointly issued guidelines to help financial institutio­ns safely adopt enabling technologi­es as the coronaviru­s pandemic hastens digitisati­on.

The guidelines were issued by the Central Bank of the UAE, the Securities and Commoditie­s Authority, the Dubai Financial Services Authority of the Dubai Internatio­nal Financial Centre, and the Financial Services Regulatory Authority of Abu Dhabi Global Market.

The guidelines set out best practices for financial institutio­ns when adopting enabling technologi­es such as applicatio­n programmin­g interfaces, which allow FinTechs to work with banks’ software; Big Data analytics; artificial intelligen­ce; biometrics; cloud computing and distribute­d ledger technology.

The ADGM aims to grow its digital lab community to 300 entities by late next year, from 90 at present, according to its chairman Ahmed Al Zaabi.

HSBC reported a 76 per cent surge in its third-quarter profit after the lender released provisions that were earmarked for bad loans that did not materialis­e.

Pre-tax profit for the quarter to the end of September rose to $5.4 billion, from $3.1bn in the correspond­ing period last year, the bank said last month.

 ?? ?? HSBC headquarte­rs in Hong Kong
HSBC headquarte­rs in Hong Kong

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