HSBC joins ADGM Digital Lab

Wam file photo
Wam file photo

One of the key challenges financial institutions encounter when adopting new innovations and digital solutions is integrating them with their legacy systems in a timely and cost-effective manner.



by

A Staff Reporter

Published: Tue 23 Nov 2021, 7:44 PM

Last updated: Tue 23 Nov 2021, 7:46 PM

HSBC has joined the Abu Dhabi Global Market (ADGM) Digital Lab, a digital platform for financial institutions and FinTech firms to collaborate, test and develop innovative solutions for the financial services sector, in a controlled environment supervised by the Financial Services Regulatory Authority (FSRA).

One of the key challenges financial institutions encounter when adopting new innovations and digital solutions is integrating them with their legacy systems in a timely and cost-effective manner.

Antoine Maurel, Head of Markets & Securities Services, CEEMEA, HSBC, said: “Joining the Digital Lab allows us to trial best-in-class technologies and provides access to resources such as data, APIs, system images and reference architectures where we can validate new solutions while replicating our existing technology.

“HSBC is developing and deploying some of the industry’s most advanced and innovative technology to make banking easier and more secure. We are keen to explore and test new cost-effective solutions such as API and middleware-enabled solutions, that could connect our systems with FinTechs and other technology providers.”

The Digital Lab is built with functionalities that enable testing and verification of new products and solutions prior to procurement, thereby expediting time to market for financial institutions in a cost-effective manner.

“We welcome HSBC to the Digital Lab and look forward to providing them the tools to facilitate their partnerships with innovative startups,” said Wai Lum Kwok, senior executive director - authorisation, FSRA ADGM.

“Our secure, supervised digital testing environment enables agile interactions between incumbents and newcomers, accelerating key learnings and deployment of new functionalities for businesses and consumers.”

— business@khaleejtimes.com


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