The international financial center of UAE, Abu Dhabi Global Market (ADGM) and Bank Hapoalim, one of the largest banks of Israel have entered into a Memorandum of Understanding (MoU) to promote the FinTech ecosystem.
The partnership aims to jointly boost the innovation and market opportunities in financial technologies (FinTech) to aid the digital transformation and to connect the economies in the UAE and Israel.
Israel’s one of the most prominent financial institutions, Bank Hapoalim was founded in 1921. The bank is a household brand for consumer and corporate lending, operates in the various areas of banking and its shares are listed on the Tel Aviv Stock Exchange.
Under the agreement, ADGM and Bank Hapoalim will be partnering for various FinTech-related initiatives like the development of FinTech solutions to ease international trade, business and financial services activities between the two countries.
The deal will further support FinTech companies and entrepreneurs seeking to expand the presence and deployment across the UAE and Israeli markets.
“We are pleased to embark on a new era in the Middle East region to enable greater business and FinTech developments and foster beneficial technology collaborations and participation among ADGM, Abu Dhabi and Israel. ADGM is continuously working with strategic partners, locally and internationally, to further the Abu Dhabi and UAE’s economic plans and technology agenda.”
ADGM will further expand its partnerships with industry leaders and bring new initiatives to effectively serve the needs of the financial services community.
Commenting on the collaboration, the CEO of Bank Hapoalim, Dov Kotler stated that “The agreement will enable FinTech companies, customers of Bank Hapoalim, access to a new world of opportunities. It is a great honor to be the first bank to sign such an agreement that will contribute to the establishment of the relationship between our two countries and economies.”
As part of the new partnership, Mr. Kotler will be speaking at the upcoming FinTech Abu Dhabi Festival and further explaining the opportunities and potential of the MoU in building FinTech ecosystems between the two countries.