British multinational investment bank HSBC has joined the Abu Dhabi Global Market (ADGM) Digital Lab, a platform for financial institutions and FinTech firms to cooperate, test, and develop solutions for the financial services sector.
The company said that the new solutions will be developed in a controlled environment under the supervision of ADGM’s Financial Services Regulatory Authority.
According to the statement, when it comes to implementing new innovations and digital solutions, one of the most difficult problems financial institutions face is integrating them with their legacy systems in a timely and cost-effective manner.
Antoine Maurel Regional Head Markets & Securities Services HSBC – CEEMEA
“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 designed with functionalities that allow testing and verification of new products and solutions prior to procurement, thereby expediting time to market for financial institutions in a cost-effective manner, as per the statement.
“We welcome HSBC to the Digital Lab and look forward to providing them the tools to facilitate their partnerships with innovative startups. 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,” commented Mr. Wai Lum Kwok, Senior Executive Director – Authorisation, FSRA ADGM.
