RE: hi all6 Jan 2021 10:35
How far wide spread are these other geographies going to go?
Other successful companies in the fintech space based in Abu Dhabi are numerous. For example, Supply@ME signed an MoU with Khaled Abdulla Almass and his investment company, iMass LLC to facilitate the expansion of Supply@ME into the Middle East market. Supply@ME is a fintech company that is owned by Italy’s Avantgarde Group, which is traded on the London Stock Exchange (LSE).
Also, the FSRA of ADGM and Sunline Holdings, UK, Ltd, which is part of China-based Sunline Holdings, signed an MoU to promote the development of ADGM’s fintech ecosystem that will support and connect businesses and markets in the Middle East and North Africa and the Belt-and-Road corridor, including developing digital financing and loans solutions for SMEs to support and grow their operations in a post-pandemic environment. In addition, ADGM has been a chosen destination for a dynamic and renowned group of companies, reinforcing its growing influence not only as a hub but a place of innovation. These include the likes of Payby and Key Way Markets Ltd, the former making headlines through its growth in 2020 with partnerships such as major GCC supermarket chain Lulu Group, which also is another successful Abu Dhabi-headquartered conglomerate.
In the banking industry, the capital is home to not only the UAE’s leading banks but to some of the largest in the GCC and wider Middle East and Africa (MEA) region – including First Abu Dhabi Bank (FAB Bank) and Abu Dhabi Commercial Bank (ADCB). For instance, FAB Bank, the UAE’s largest bank, announced it would carve out its existing payments business into a fully owned subsidiary with regional growth ambitions. In addition, they also announced a partnership with Visa to bring an innovative mobile acceptance solution to UAE merchants.
In addition, digital transformation – both pre and during COVID-19, has been felt across the banking industry. For example, Abu Dhabi Islamic Bank (ADIB) announced that it has seen a substantial rise in customer demand for its digital banking services this year. Even after the phased re-opening of the UAE economy, ADIB has continued to see strong uptake for digital services, with 75 percent of customers now enrolled through the bank’s digital