ABU DHABI, 21st November, 2020 (WAM) — Abu Dhabi International Market, ADGM, and Bank Hapoalim have signed a Memorandum of Understanding, MoU, to collectively promote and develop monetary expertise (FinTech) innovation, ecosystems, and market alternatives that may help the digital transformation of the monetary companies panorama and join the economies within the UAE and Israel.
Based virtually 100 years in the past, Bank Hapoalim is Israel’s most important and main monetary establishment. The bank is a family model for client and company lending and resides over one of many largest retail department community within the nation.
As a part of the MoU, ADGM and Bank Hapoalim will collaborate on a variety of FinTech-related initiatives and innovation tasks, together with the event of FinTech options to facilitate worldwide commerce, enterprise and monetary companies actions between the UAE and Israel. They can even help FinTech firms and entrepreneurs searching for to scale their presence and deployment throughout the UAE and Israeli markets.
Commenting on the brand new partnership, Dhaher bin Dhaher Al AlMheiri, CEO of the ADGM Registration Authority, mentioned, “We’re happy to embark on a brand new period within the Center East area to allow better enterprise and FinTech developments and foster helpful expertise collaborations and participation amongst ADGM, Abu Dhabi and Israel. ADGM is repeatedly working with strategic companions, domestically and internationally, to additional the Abu Dhabi and UAE’s financial plans and expertise agenda, and we’re excited to associate with Bank Hapoalim to advance the banking and monetary companies in each jurisdictions.
“ADGM will proceed to collaborate with strategic trade leaders and introduce new initiatives that may successfully cater to the wants of the monetary companies neighborhood”.
In flip, Dov Kotler, CEO of Bank Hapoalim, mentioned, “The settlement signed this morning with Abu Dhabi International Market is a breakthrough pact that we hope will serve to increase and strengthen the monetary company between the UAE and Israel. It’s going to allow FinTech firms, prospects of Bank Hapoalim, entry to a brand new world of alternatives. It’s a nice honour to be the primary bank to signal such an settlement that may contribute to the institution of the connection between our two international locations and economies.
As a validation of the brand new partnership, Kotler will likely be talking on the upcoming FinTech Abu Dhabi Pageant, and expounding additional on the alternatives and potential of the MoU in bridging the FinTech ecosystems between the UAE and Israel.