API Sandbox is important milestone in Emirates NBD's AED1bn digital transformation programme
Five FinTech start-ups have become the first to graduate from a Sandbox testing platform run by Emirates NBD, together with the DIFC FinTech Hive, the largest financial technology accelerator in the Middle East, Africa and South Asia.
The companies that used Emirates NBD’s Application Programming Interface (API) Sandbox to demonstrate working innovative financial solutions included Monimove, a digital trade finance/supply chain solution, Norbloc, a shared know-your-customer solution using distributed ledgers and Gamechanger, a keyboard banking solution which helps you bank while chatting.
Also graduating from the Sandbox were Leap FinTech, a digital onboarding solution for small and medium-sized enterprises, and Bankbuddy, a chatbot for the financial industry.
Launched by Emirates NBD Future Lab in 2018, the API Sandbox is a first in the region, marking an important milestone in the bank’s AED1 billion digital transformation programme.
The platform, which was opened up to developers and FinTech firms, consists of over 200 APIs and 500 end points covering retail, corporate and SMEs. Developers also have access to over five million simulated customer transactions.
Abdulla Qassem, group chief operating officer, Emirates NBD, said: “Emirates NBD is proud to certify five FinTech startups in collaboration with DIFC FinTech Hive. We are confident that this initiative will pave the path for many more collaborations in the future between banks and FinTechs in the region, helping tackle various challenges while delivering a smarter and more secure customer experience in the process.”
Evans Munyuki, chief digital officer, Emirates NBD, added: “Initiatives such as the API Sandbox offer a secure and safe environment for FinTechs and internal bank developers to innovate, collaborate, prototype, and accelerate speed to market using meaningful API calls and synthetic data samples.
“This even paves the way for inclusion of government partnerships with banks and FinTechs. We are pleased to support leading accelerators such as the DIFC FinTech Hive, while connecting with startups and technology providers to find new ways to solve old and new problems as we build banking solutions for the future,” Munyuki added.