The Dubai International Financial Centre (DIFC) Innovation Hub, the region’s largest innovation ecosystem, has announced the opening of the Commercial Bank of Dubai’s Digital Lab.
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.”
He added: “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.”
H.E. Humaid Alqutami, CBD Chairman, H.E. Sultan Saeed Al Mansoori, CBD ViceChairman, H.E. Sultan Saeed Al Mansoori, and H.E. Essa Kazim, Governor of DIFC, officially opened the CBD Digital Lab. To commemorate the anniversary, senior executives from the CBD, including Chief Executive Officer, Dr. Bernd van Linder, and the DIFC Authority, including Chief Executive Officer, Arif Amiri, were present.
The CBD Digital Lab is the first bank to open a research and development centre in the DIFC Innovation Hub. The goal is to stimulate innovation and support integration between financial institutions and FinTech start-ups in order to build a collaborative environment in the FinTech sector.
Guests were given a tour of the lab during the inauguration and learned more about how CBD’s Digital Lab supports the UAE’s digital and FinTech ecosystem. The guests were also shown the CBD Think+Pod, a facility that allows DIFC residents and tourists to communicate, brainstorm, and hold private meetings in the one-of-a-kind “Think Pod.”
The Governor of the DIFC was presented with the bespoke and creative NFT artpieces as part of the inaugural ceremony.