Commercial Bank of Dubai unveils its Digital Lab at DIFC Innovation Hub

By Shilpa Annie Joseph, Official Reporter
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UAE-based leading financial institution Commercial Bank of Dubai (CBD) has opened its Digital Lab at the Dubai International Financial Centre (DIFC) Innovation Hub, the region’s largest innovation ecosystem.

According to the statement, “The CBD Digital Lab is the first initiative by a bank to establish an R&D facility in the DIFC Innovation Hub.”

The objective of the CBD Digital Lab is to create a collaborative ecosystem in the FinTech sector by fostering innovation and supporting integration between financial institutions and FinTech startups.

Dr. Bernd van Linder

“The launch of the CBD Digital Lab is in line with our commitment to support the UAE government’s initiatives to be one of the world’s most innovative nations. Further, it reaffirms our efforts to expand infrastructure in financial technology, unlock innovation opportunities, and introduce new and innovative financial products to the market. Rapid changes in financial technology are reshaping the future of the banking industry and the CBD Digital Lab will help in driving and inspiring a culture of disruption and innovation within CBD.”

During the inauguration, the guests took a tour of the lab and learned more about how CBD’s Digital Lab backs the ambitions of the UAE’s digital and FinTech ecosystem.

The guests were also shown the CBD Think+Pod, a space that allows DIFC residents and tourists to communicate, discuss, and hold private meetings in the one-of-a-kind “Think Pod.”

Mr. Arif Amiri, Chief Executive Officer of DIFC Authority said, “DIFC continues to advance its position as the region’s leading global financial center, business, and innovation hub, driving not only the future of finance but increasingly the future economy.”

“By supporting partners such as CBD to introduce creative initiatives similar to their Digital Lab, we are also helping Dubai become a global hub for innovation and technology. Home to the largest innovation ecosystem in the region, the DIFC Innovation Hub paves the way for entrepreneurs and innovators to further accelerate the FinTech sector in the region and further afield,” Mr. Amiri noted.

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