Middle East banking group Emirates NBD has partnered with Dubai International Financial Centre’s (DIFC) FinTech Hive to launch a new application programming interface (API) Sandbox program.
Image: Emirates NBD and DIFC FinTech Hive to launch API Sandbox programMarkus Spiske/Unsplash.
Emirates NBD stated that the new program will help in certifying FinTechs that collaborate, co-create and innovate using its API Sandbox.
Launched last year by the banking group, the API Sandbox is claimed to be the first in the region and is an important milestone in the bank’s AED1bn ($272.3m) digital transformation program.
The sandbox platform consists of more than 200 APIs and 500 end points covering retail, corporate and SMEs, is now open for developers and FinTech firms.
The developers can access over five million simulated customer transactions based on the BIAN (Banking Industry Architecture Network) model.
Emirates NBD group chief operating officer Abdulla Qassem said: “All registered FinTechs in the Dubai International Financial Centre (DIFC) that build effective, working prototypes or demos using the APIs will have the opportunity to present to senior leaders from the bank for a chance to collaborate.
“Furthermore, registered FinTechs who use the API Sandbox and demo their prototypes working on the Sandbox, will also receive a signed certificate from Emirates NBD and DIFC FinTech Hive acknowledging their participation and certifying their capabilities.”
Emirates NBD stated that its API Sandbox follows Open Banking Standards to ensure high security and privacy is provided to its users. This platform is expected to create value for its customers and partners, while contributing to the economic growth in the region.
Emirates NBD chief digital officer Evans Munyuki said: “As a digital pioneer in the region’s banking section, Emirates NBD is proud to foster collaboration and innovation in the fast-growing FinTech space.
“The API Sandbox equips FinTechs and developers with the right tools to transform their ideas into working prototypes. Through this initiative, we hope to accelerate the development and market introduction of digital banking products and services, while recognising FinTechs globally.”
Last month, the bank selected Intellect Design Arena’s Intellect Global Transaction Banking (iGTB), as part of its AEB1bn digitalization commitment.
The planned project aims to strengthen the bank’s leadership in transaction banking’s market and will cover its operations across trade corridors in the UAE, KSA, Egypt, India, Singapore and the United Kingdom.