Emirates NBD has signed a Memorandum of Understanding (MoU) with India’s technology trade association Nasscom to support cross-border fintech collaboration and digital innovation between the UAE and India.
The agreement, signed at the Dubai FinTech Summit, aims to identify and integrate high-potential Indian fintech firms into the UAE’s financial services market, while encouraging joint research and knowledge sharing.
Focus on fintech innovation
The partnership is expected to enhance Emirates NBD’s digital capabilities across retail and corporate banking by introducing new technologies that improve speed, personalisation, and cost efficiency.
Miguel Rio-Tinto, Group Chief Digital and Information Officer at Emirates NBD, said: “Our partnership with Nasscom is a pivotal step in Emirates NBD’s journey to advance FinTech innovation. By forging a digital bridge between the UAE and India, we are poised to unlock a wealth of cutting-edge solutions that will enhance our customer experiences and drive the future of financial services. We are excited to collaborate with Nasscom and leverage the immense potential of the Indian FinTech ecosystem to unlock even greater value for our customers.”
Strengthening bilateral ties
The move comes as UAE-India trade relations continue to grow, with total trade reaching USD 83.6 billion in FY2023–2024. India’s fintech sector, projected to hit USD 1.5 trillion, presents a significant opportunity for UAE banks to tap into advanced financial technologies.
Rajesh Nambiar, President of Nasscom, said: “This partnership between Nasscom and Emirates NBD marks a significant milestone in deepening cross-border collaboration between two of the world’s most dynamic innovation ecosystems. By combining India’s vibrant FinTech capabilities with the UAE’s forward-looking financial landscape, we are setting the stage for a new era of co-innovation, digital transformation and inclusive growth.”
Tapping into UAE market growth
The UAE’s fintech market is forecast to reach USD 6.43 billion by 2030. Through this partnership, Emirates NBD seeks to play a leading role in that growth by aligning with top innovators in the Indian market.
The collaboration reflects Emirates NBD’s broader strategy to support digital transformation and contribute to the UAE’s ambition of becoming a regional fintech hub.
tanvir@dubainewsweek.com
