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. 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 personalization 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 capitalize 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.
