Fidor and Abu Dhabi Islamic Bank unveil digital bank
Abu Dhabi Islamic Bank (ADIB) has partnered with Fidor Bank to launch the region’s first “community-based digital bank”.
Specifics are very thin on the ground as the bank will have “new services, features and [an] online community”, which will be available for existing and new customers to sign up to in the upcoming months. Can’t wait… to find out what all this means.
Fidor Bank says it “centres around an online community, where users can exchange financial advice and also help co-create banking products”.
Tirad Al Mahmoud, CEO of ADIB, says its research is “clearly telling us that customers are looking in particular for digital banking services”. I guess the research is a secret as there are no details about it.
ADIB has more than AED 120 billion ($32.6 billion) in assets. It has 931,000 customers, 88 branches and more than 770 ATMs. ADIB has a presence in six countries: Egypt, where it has 70 branches, Saudi Arabia, UK, Sudan, Iraq and Qatar. It was established in 1997.
More on Fidor
Fidor, founded in 2015, is a subsidiary of Fidor Bank, headquartered in Munich, Germany. Both entities have enjoyed a fruitful year.
Following a joint project with O2 to create Germany’s first mobile-only, full-service bank account, GFT Technologies and Fidor entered a broader “strategic innovation partnership”. The focus is on developing mobile financial and banking apps, and marketing/selling Fidor’s proprietary technology, Fidor Operating Systems (fOS).
Earlier this year, BPCE, the second largest banking group in France, acquired Fidor. Fidor will remain as an independent business.
