Latest news with #MiguelRio-Tinto
Mid East Info
24-06-2025
- Business
- Mid East Info
UAE Set to Lead Middle East FinTech Growth, reveals FinTech 2025 Industry Report by Emirates NBD and PwC - Middle East Business News and Information
UAE FinTech startups raised USD 265 million in 2024, representing one-third of national startup funding The UAE FinTech market is projected to grow from USD 3.16 billion in 2024 to USD 5.71 billion by 2029 89% of UAE consumers now use digital-first bank accounts Artificial Intelligence is transforming financial services, enhancing personalisation, compliance and risk management Collaboration across the ecosystem and innovative policies are driving regional FinTech leadership Dubai, United Arab Emirates,June 2025: Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT), has released 'From code to capital: The UAE's FinTech revolution' 2025 report, developed in collaboration with PwC. Recently previewed at the Dubai FinTech Summit 2025, where the Bank served as Premium Banking Partner, the report offers a data-led outlook on the UAE's evolving FinTech landscape and provides a roadmap for ecosystem stakeholders driving financial innovation. Positioned as an industry-wide outlook, the FinTech 2025 Report offers insights into key regional trends from a surge in digital adoption and venture capital investment, to the widespread integration of AI. The UAE is increasingly recognised as a hub for FinTech activity, underpinned by strong regulatory support and a maturing ecosystem. Neeraj Makin, Group Head of Strategy, Analytics and Venture Capital at Emirates NBD, said: 'We are proud to launch the FinTech 2025 Report, showcasing the UAE's success as a FinTech hub, supported by Emirates NBD's innovation. The UAE's USD 265 million of FinTech funding in 2024 signals strong investor confidence. Bolstered by a robust venture capital network, diverse talent, and clear exit paths, the UAE is primed to attract even greater investment and cultivate future FinTech leaders.' According to the report, FinTech startups in the UAE attracted around USD 265 million in 2024 – approximately one-third of total startup funding in the country. The local FinTech market is expected to grow from USD 3.16 billion in 2024 to USD 5.71 billion by 2029, powered by widespread consumer adoption, investor confidence, and strong partnerships across public and private sectors. Miguel Rio-Tinto, Group Chief Digital and Information Officer at Emirates NBD, said: 'Emirates NBD is proud to help drive the FinTech revolution in the region through strategic partnerships, in-house innovation and venture investments. With this report, we demonstrate how established banks can leverage FinTech for growth, efficiency and superior customer experiences. As the industry continues to evolve, we remain committed to building an open, collaborative ecosystem that delivers long-term value to our customers and the wider financial sector.' Stephen Anderson, Strategy Leader at PwC Middle East, said: 'This report illuminates the dynamic FinTech landscape within Dubai. We see a region transformed by innovation, driven by technology and visionary strategies. Our commitment is to empower clients, partners, and communities to thrive in this smarter, connected financial future and the UAE is at the forefront of this revolution.' The report also highlights the transformative impact of artificial intelligence in reshaping every layer of financial services from personalisation to compliance and risk modeling. Emirates NBD's evolution from pre-AI to post-AI operations has led to measurable improvements in efficiency, control, and scale. As FinTech continues to scale, the report encourages proactive collaboration between banks and startups by embracing open APIs, regulatory sandboxes, and co-branded innovation models, critical to sustaining industry momentum and deepening customer impact. Read the full report. About Emirates NBD: Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As of 31st March 2025, total assets were AED 1 trillion, (equivalent to approx. USD 272 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 839 branches and 4,539 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 4.54 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
Hi Dubai
24-06-2025
- Business
- Hi Dubai
UAE Set to Lead Middle East FinTech Growth, Reveals FinTech 2025 Industry Report by Emirates NBD and PwC
Emirates NBD has launched its 2025 report, From Code to Capital: The UAE's FinTech Revolution, spotlighting the country's rapid rise as a regional FinTech powerhouse. Released in collaboration with PwC and previewed at the Dubai FinTech Summit, the report outlines key trends shaping the sector, including digital adoption, AI integration, and a surge in venture capital investment. According to the report, UAE FinTech startups attracted $265 million in funding in 2024—accounting for nearly one-third of the country's total startup capital. The sector is forecast to grow from $3.16 billion in 2024 to $5.71 billion by 2029, fueled by supportive regulation, public-private partnerships, and increasing consumer demand. Neeraj Makin, Group Head of Strategy at Emirates NBD, said the funding reflects investor confidence and positions the UAE to become a leading destination for FinTech innovation. The report points to a mature ecosystem backed by diverse talent, scalable infrastructure, and a clear pathway for startup exits. The study also underscores the role of artificial intelligence in reshaping financial services, from personalised offerings to enhanced risk management. Emirates NBD's own AI-driven transformation has improved efficiency and operational control. Miguel Rio-Tinto, the bank's Chief Digital and Information Officer, noted that collaboration between traditional banks and startups—through open APIs and innovation sandboxes—is vital for sustained progress. PwC's Stephen Anderson highlighted the UAE's position at the forefront of financial transformation, driven by strategic vision and technological advancement. News Source: Burson
Mid East Info
21-05-2025
- Business
- Mid East Info
Emirates NBD GenAI Summit brings together industry leaders to discuss the future of GenAI-powered finance - Middle East Business News and Information
Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, hosted the second edition of its flagship event, Emirates NBD GenAI Summit at the Ritz Carlton DIFC. The event convened global technology experts, industry leaders and innovators from OpenAI, Amazon Web Services, McKinsey & Co, and others to explore the transformative potential of Generative AI (GenAI) in financial services and its growing impact on Emirates NBD. Held during Dubai AI Week, the summit served as a platform for in-depth discussions, knowledge sharing, and collaborative exploration of GenAI's role in elevating customer experience, driving operational efficiency, strengthening risk management, and enabling innovation at scale. The event also underscored the bank's ongoing efforts to embed GenAI capabilities and fluency across its workforce. Miguel Rio-Tinto, Group Chief Digital and Information Officer at Emirates NBD said: 'We are proud to host our second annual Emirates NBD GenAI Summit, which highlights the growing importance of Generative AI and the immense possibilities it holds. As GenAI becomes increasingly embedded in Emirates NBD's operations, we remain focused on further developing our infrastructure and forming strategic partnerships with leading hyperscalers to truly unlock the value of GenAI and stay at the forefront of this dynamic evolution.' The summit featured keynotes and panel discussions led by Emirates NBD executives and global industry experts. These offered insights into responsible GenAI development, ethical considerations, and emerging trends redefining the financial landscape. The summit also showcased how GenAI is being embedded into the bank's digital DNA, inspiring employees to explore scalable use-cases and accelerate the adoption of GenAI within the bank. Emirates NBD has made significant investments in GenAI technologies to enhance its customer service, employee support, and business operations. These investments aim to deliver more personalised and responsive customer services, enable better tools and workflows for employees, strengthen risk and compliance capabilities, and improve overall operational efficiency through automation. Since 2024, Emirates NBD has implemented several GenAI-powered solutions across its operations, guided by its AI governance framework and guardrails. These include intelligent call assistants for frontline staff, smart legal document summarisation tools, and advanced capabilities to support customer interactions and ESG stakeholder conversations. These implementations reflect the bank's approach to moving beyond generic applications by tailoring the technology to solve deeper role-specific problems, unlock better decision-making insights and drive unprecedented efficiency. Neeraj Makin, Group Head of Strategy, Analytics & Venture Capital at Emirates NBD, said: 'We are thrilled to embark on this exciting journey as part of our ongoing organisation-wide transformation. Specifically, the integration of Generative AI into our traditional AI models represents a pivotal advancement for our organisation. By harnessing the power of GenAI, we are poised to revolutionize our decision-making processes and significantly enhance the performance of our AI models. Embedding Gen AI will lead to unlocking new levels of intelligence, agility and customer centricity which will help us drive unprecedented levels of efficiency and innovation, positioning us at the forefront of our industry.' As part of the bank's broader adoption strategy, Emirates NBD is embedding GenAI fluency across its workforce. This involves building knowledge and fostering a GenAI-driven decision-making culture at all levels of the organisation. By democratising access to the latest GenAI tools and insights, Emirates NBD is equipping its employees with the capabilities to leverage these technologies in their day-to-day roles. The Emirates NBD GenAI Summit reinforced the bank's commitment to embracing cutting-edge technologies and offered a glimpse into the bank's strategic approach to value identification and implementation of use cases through interactive demonstrations. Looking ahead, Emirates NBD will continue to invest in its AI ecosystem, expand use cases, and strengthen internal capabilities to adapt to rapid technological changes. About Emirates NBD: Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st March 2025, total assets were AED 1 trillion, (equivalent to approx. USD 272 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 839 branches and 4,539 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 4.54 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
Fintech News ME
14-05-2025
- Business
- Fintech News ME
Emirates NBD and Nasscom Partner to Boost UAE-India Fintech Collaboration
Emirates NBD has signed a MoU with Nasscom, India's premier trade association for the technology sector. The agreement, signed during the Dubai Fintech Summit, aims to strengthen cross-border collaboration in financial technology and innovation between the UAE and India. The MoU outlines a framework to support the identification and integration of high-potential Indian fintech companies into the UAE market. It also encourages joint research and knowledge-sharing initiatives to drive innovation in financial services. The partnership comes as bilateral trade between the UAE and India reached US$83.6 billion in the financial year 2023–2024. According to Emirates NBD, the collaboration will contribute to the bank's efforts to improve digital banking services, increase operational efficiency, and offer more personalised customer experiences. Miguel Rio-Tinto, Group Chief Digital and Information Officer at Emirates NBD, said: 'By forging a digital bridge between the UAE and India, we are poised to unlock a wealth of cutting-edge solutions that will enhance our customer experiences and drive the future of financial services. We are excited to collaborate with Nasscom and leverage the immense potential of the Indian fintech ecosystem to unlock even greater value for our customers.' 'By combining India's vibrant fintech capabilities with the UAE's forward-looking financial landscape, we are setting the stage for a new era of co-innovation, digital transformation and inclusive growth.'
Mid East Info
13-05-2025
- Business
- Mid East Info
Emirates NBD partners with Nasscom to drive cross-border FinTech innovation between the UAE and India - Middle East Business News and Information
Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region, signed a Memorandum of Understanding (MoU) with Nasscom, the premier trade association for the technology industry in India, to strengthen cross-border FinTech and technology innovation between the UAE and India. Signed at the Dubai FinTech Summit, the MoU underscores Emirates NBD's commitment to transform the region's digital banking sector by leveraging India's burgeoning FinTech ecosystem, projected to reach USD 1.5 trillion. As bilateral trade between the UAE and India continues to strengthen, climbing to USD 83.6 billion in FY2023-2024, this strategic collaboration will create a robust ecosystem to facilitate the scouting and onboarding of high-potential FinTech companies from India into the UAE market, while fostering joint research and knowledge sharing to drive innovation within the financial services sector. These innovations will result in enhanced digital banking capabilities, faster service delivery, improved personalisation and cost efficiencies that benefit Emirates NBD's retail and corporate customers. Miguel Rio-Tinto, Group Chief Digital and Information Officer at Emirates NBD, said: 'Our partnership with Nasscom is a pivotal step in Emirates NBD's journey to advance FinTech innovation. By forging a digital bridge between the UAE and India, we are poised to unlock a wealth of cutting-edge solutions that will enhance our customer experiences and drive the future of financial services. We are excited to collaborate with Nasscom and leverage the immense potential of the Indian FinTech ecosystem to unlock even greater value for our customers.' Rajesh Nambiar, President, Nasscom, said: 'This partnership between Nasscom and Emirates NBD marks a significant milestone in deepening cross-border collaboration between two of the world's most dynamic innovation ecosystems. By combining India's vibrant FinTech capabilities with the UAE's forward-looking financial landscape, we are setting the stage for a new era of co-innovation, digital transformation and inclusive growth.' With the UAE FinTech market forecast to reach USD 6.43 billion by 2030, this partnership positions Emirates NBD to capitalise on expanding opportunities within the region. By collaborating with Nasscom, Emirates NBD is leveraging expertise within the Indian FinTech landscape to accelerate the adoption of transformative financial technologies. It reflects Emirates NBD's ongoing commitment to innovation and its role as a key enabler of the UAE's digital future. About Emirates NBD: Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st March 2025, total assets were AED 1 trillion, (equivalent to approx. USD 272 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 839 branches and 4,539 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 4.54 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
