Abu Dhabi Islamic Bank partners with Lean Technologies to advance ‘financial innovation’

ADIB Ventures, an initiative launched by Abu Dhabi Islamic Bank (ADIB), has formed a strategic partnership with MENA-based fintech infrastructure provider Lean Technologies to advance financial innovation, following the introduction of Open Finance in the UAE this year.

ADIB Ventures will leverage Lean Technologies’ platform, which offers tools for programmatic automated payouts, reconciliation, account verification, and financial operations solutions.

The partnership will enable ADIB Ventures to offer tailored products and services to fintech companies and corporate clients, thereby expanding the bank’s digital banking portfolio.

Fernando Plaza Lopez, chief digital officer at ADIB, said: “This collaboration will not only enhance the bank’s capabilities, but also provide our clients with the latest fintech solutions to streamline their financial operations and drive growth.”

Plaza added: “By integrating Lean’s platform, ADIB is positioned to offer comprehensive solutions to both existing and new clients, particularly fintechs and corporates seeking seamless cash management and transaction banking services.

“This aligns perfectly with our strategic vision of fostering innovation and strengthening our position as a digital-first bank.”

Last month, Lean Technologies, which serves more than 500,000 customers across the MENA region, announced a $67.5 million Series B funding round led by Silicon Valley-based venture capital group General Catalyst, as it prepares to scale its Pay by Bank and Open Banking offerings.

Mehdi Tazi, chief operations officer at Lean Technologies, said: “With the announcement of Open Finance in the UAE, our partnership with ADIB comes at a pivotal moment.

“ADIB and Lean share a deep understanding of the challenges large fintechs and corporates face in accessing financial services, and we have been working together to design a suite of solutions that adds value to the customers. We are excited to unveil these solutions to the market in the coming weeks.”

Lean Technologies and ADIB Ventures made the announcement along with Hub71, Abu Dhabi’s global tech ecosystem, at Abu Dhabi Finance Week 2024, where the organisations shared their vision of advancing financial innovation and delivering enhanced banking solutions.

Further reading: Al Etihad Payments launches Open Finance in the UAE