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 in a statement 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, CEEMEA (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 middleware-enabled 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.
ADGM aims to grow its digital lab community to 300 entities by late 2022, 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 year-earlier period, the bank said in October.
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Sholto Byrnes on Myanmar politics
