Bank Hapoalim and Abu Dhabi Global Market collaborate on FinTech development and innovation
Abu Dhabi, UAE, 21 November 2020 – Abu Dhabi Global Market (ADGM), the leading International Financial Centre in the capital of the United Arab Emirates, and Bank Hapoalim B.M (Bank Hapoalim) are pleased to enter a new partnership with the signing of a Memorandum of Understanding (MOU) to jointly promote and develop financial technology (FinTech) innovation, ecosystems, and market opportunities that will support the digital transformation of the financial services landscape and connect the economies in the UAE and Israel.
Founded almost 100 years ago, Bank Hapoalim is Israel’s most significant and leading financial institution. The bank is a household brand for consumer and corporate lending and resides over one of the largest retail branch network in the country.
As part of the MOU, ADGM and Bank Hapoalim will collaborate on a range of FinTech-related initiatives and innovation projects, including the development of FinTech solutions to facilitate international trade, business and financial services activities between the UAE and Israel, as well as the support of FinTech companies and entrepreneurs seeking to scale their presence and deployment across the UAE and Israeli markets.
Dhaher bin Dhaher Al AlMheiri, CEO of the ADGM Registration Authority, said: “We are pleased to embark on a new era in the Middle East region to enable greater business and FinTech developments and foster beneficial technology collaborations and participation among ADGM, Abu Dhabi and Israel. ADGM is continuously working with strategic partners, locally and internationally, to further the Abu Dhabi and UAE’s economic plans and technology agenda, and we are excited to partner with Bank Hapoalim to advance the banking and financial services in both jurisdictions. ADGM will continue to collaborate with strategic industry leaders and introduce new initiatives that will effectively cater to the needs of the financial services community”.
Dov Kotler, CEO of Bank Hapoalim, said: “The agreement signed this morning with Abu Dhabi Global Market is a breakthrough pact that we hope will serve to extend and strengthen the financial corporation between the UAE and Israel. It will enable FinTech companies, customers of Bank Hapoalim, access to a new world of opportunities. It is a great honour to be the first bank to sign such an agreement that will contribute to the establishment of the relationship between our two countries and economies.
As a validation of the new partnership, Mr Dov Kotler will be speaking at the upcoming FinTech Abu Dhabi Festival, and expounding further on the opportunities and potential of the MOU in bridging the FinTech ecosystems between the UAE and Israel.
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About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths panning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.
The Central Bank of the UAE (CBUAE) and Abu Dhabi Global Market (ADGM) are jointly hosting and organising the fourth annual festival, FinTech Abu Dhabi 2020 (FTAD). The virtual event will bring together 7,500 influencers and innovators pioneering the new wave of innovation across financial services around the world, as the MENA’S largest and leading FinTech festival. It will take place from 24 to 26 November 2020.
This year’s event will cover various topics including open banking, regulations, payment, investment, customer relationship, government forum, ecosystem, cybersecurity and disruptive technology.
About Bank Hapoalim:
Bank Hapoalim is Israel’s most significant and leading financial institution. During its close to centennial years of operations, the Bank has developed a network of branches to manage its clientele relationships, providing service and advice vis-à-vis complex transactions and at decision levels. In addition, the Bank has developed advanced digital capabilities and provides customers with tailored, accessible, and intuitive banking services. Besides its operations in Israel, the Bank operates abroad through branches, representative offices, subsidiaries, and correspondent relationship with banks around the world. The Bank Hapoalim Group includes holdings in financial companies involved in investment banking, trust services and portfolio management. Internationally, commercial banking services are provided in North America by the New York branch. The Bank Hapoalim Group is one of the largest employers in Israel, with over 9,000 employees. Bank Hapoalim is listed on the Tel Aviv Stock Exchange (TASE: POLI) and holds a Level-1 ADR program.