International Finance

ADIB partners with IBM to fast track digital transformation

The partnership will help improve digital infrastructure, modernise operations and automate processes

The Abu Dhabi International Bank (ADIB) has announced a partnership with IBM to help accelerate its digital transformation, media reports said. The partnership is expected to improve the bank’s digital infrastructure, modernise operations and automate processes.

In this regard, Hossam Seif El-Din, General Manager of IBM in the Middle East and Pakistan, told the media, “Financial institutions are one of the cornerstones of society. However, to keep pace with challenging times and constantly changing customer demands, they need to modernise. Our collaboration with ADIB is evidence that hybrid cloud strategies are core to digital transformation journeys and an enabler of revolutionised business models.”

Last year, ADIB became the first Islamic bank to successfully complete a trade finance distribution transaction using blockchain technology. ADIB successfully completed a trade finance distribution transaction in partnership with TradeAssets, a blockchain-based trade finance emarket. Reportedly, ADIB and TradeAssets have been collaborating for more than a year to automate trade finance transactions and digitise traditional processes.

Haytham Elmaayergi, Global Head of Transaction Banking at ADIB, told the media, “The completion of the first trade distribution transaction using Blockchain by an Islamic bank shows that ADIB is at the cutting-edge of global transaction banking. As the only Islamic bank providing end-to-end Sharia’a-compliant trade financing through digital channels, ADIB is committed to expanding its digital footprint in trade financing and distribution, enhancing the efficiency and productivity of businesses across the region and globally.”

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