National Bank of Fujairah underscores commitment to the development of Fintech industry at the MENA Fintech Hackathon
Bank’s partnership with Fintech Galaxy showcases its support to empower talent to bring about innovative solutions to serve banking customers in the UAE
National Bank of Fujairah (NBF) PJSC announced its partnership with Fintech Galaxy, the region’s well known fintech digital crowdsourcing platform. Recently the bank participated in MENA Fintech hackathon organised by Fintech Galaxy which brought together the region’s leading banks, regulators, industry experts and top Fintechs to assess and devise ready-made solutions to the ever-evolving Fintech industry.
The event featured a competitive hackathon which tasked 25 shortlisted Fintechs from around the world to develop and showcase disruptive solutions to briefs brought forth by some of the participating banks. Fintechs which participated NBF’s challenge presented solutions for account aggregation and instant settlement and digitisation for the Murabaha process.
Sitting on the sidelines of the event, Devid Jegerson, NBF’s Head of Customer Experience and Platform said: “We are thrilled to be joining forces with Fintech Galaxy and in extending our financial and expert-led support. NBF is the first bank to connect to Fintech Galaxy’s sandbox environment which enables Fintechs to design innovative products for its clients. This Fintech hackathon has brought together some of the sharpest minds in the industry who have showcased their innovative and solutions-oriented approach to banking today. At NBF, we will continue to seize forward-thinking partnerships and opportunities that support our aim to ensure our banking platforms respond to our customers’ evolving personal and business needs.”
The participating Fintechs presented their ready-made solutions to key domains in the industry such as customer experience, credit ratings, payments, digital lending, smart contracts and trade finance to a judging panel of high-level executives from each of the financial institutions along with regulators and industry experts. Upon assessment NBF awarded the winners of the Hackathon of the NBF challenge. In its commitment to be the best financial partner for clients, National Bank of Fujairah has always championed the use of knowledge-exchange platforms in an effort to examine and assess the shifting banking and business landscapes.
About National Bank of Fujairah PJSC:
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shariah compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF's key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 for deposits and A3 for counterparty risk assessment by Moody's and BBB+ / A-2 by Standard & Poor's, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol "NBF". It has a branch network of 15 across the UAE.
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