ADIB partners with Fidor Bank to launch community-based digital bank

Abu Dhabi Islamic Bank (ADIB), a leading financial services institution, has announced its partnership with Fidor Bank for launching the region’s first ‘community-based digital bank’.

According to the official release, the new platform is designed to fit the lifestyle of ‘millennials’, also  known as Generation Y, as well as those looking for a digital offering that matches their banking needs. The ‘new digital bank’ with its new services, features and online community will be available for existing and new customers to sign up to in the upcoming months.

Tirad Al Mahmoud, CEO of ADIB, said that the features and services offered by the new offering are based on customer insights gained from intensive research.

“Our research is clearly telling us that customers are looking in particular for digital banking services that offer a seamless, easy and intuitive user experience. Our proposition will allow users to completely change the way they bank and manage their finances using digital technology to serve all their banking needs,” Al Mahmoud said. “As we strive to constantly innovate with our offerings, we believe Fidor is an ideal partner to help us introduce this revolutionary solution”.

Fidor Bank is a digital bank founded in Germany in 2009. It is the world’s first ‘fintech bank’, pioneering the collaboration between traditional financial services and technology businesses. Fidor Bank centres around an online community, where users can exchange financial advice and also help co-create banking products.

“We’re delighted to partner with ADIB to bring the first community based digital bank to the region. Given ADIB’s track record in offering pioneering digital banking services, our partnership makes perfect sense”, Matthias Kroener, CEO of Fidor Bank, said.

In a separate announcement, ADIB said that it will be the sole banking partner of GITEX Shopper. The autumn edition of GITEX is being held at Dubai World Trade Centre and will end on 8th October 2016. ADIB said that it will showcase a multitude of innovative digital services and products that it offers to its customers to enhance their banking experience. The bank also recently launched in cooperation with IBM a digital studio which allows the bank to expedite its digital transformation.