CBI is among one the early adapter bank in the middle east region to establish a virtual Metaverse presence in Decentraland, a notable blockchain-based world. Decentraland also hosts Warba bank, a Kuwait-based Islamic bank. Warba also has a site in the sandbox showing a strong footing in the metaverse.

According to a global survey of 300 C-suite banking industry executives, 54% believe their financial institutions have faced increased competition from digital alternatives over the last three years. These executives, however, indicate that they are better positioned to compete. Notably, 84% said they have the necessary technological tools to create new digital products and services to some extent or more.

These five businesses will join a network of over 300 startups that have taken part in the award-winning Start Path startup engagement program. They will be able to collaborate with Mastercard’s global ecosystem of banks, merchants, partners, and digital players to deliver and scale open banking solutions. Start Path alumni are now entering public markets, achieving unicorn status.

Red Hat, Inc., an open source solutions provider, announced that Riyad Bank, a financial institution in the Kingdom of Saudi Arabia (KSA), has implemented a hybrid cloud strategy based on Red Hat’s portfolio of open hybrid cloud technologies, including Red Hat OpenShift. Red Hat’s open innovation is a cornerstone of the bank’s efforts to accelerate digital service and product innovation and time-to-market.

First Abu Dhabi Bank (FAB) has announced a partnership with IBM Consulting to aid the bank’s ongoing digital transformation journey. IBM Consulting will work with FAB to improve its digital platforms in a hybrid cloud environment in order to provide customers with a more seamless digital experience.IBM’s team of experts will collaborate with FAB to modernize existing applications and improve FAB’s customers’ digital footprint.