- Partnership for Digital Upgrade:
- NBF has partnered with iGTB to upgrade its digital banking capabilities by adopting iGTB’s open finance platform, eMACH.ai.
- eMACH.ai Platform:
- The platform, launched last year, allows financial institutions to create and deploy custom products using AI technology, including access to 329 microservices, 1757 APIs, and 535 events.
- This marks the first deployment of the cloud-managed service in the UAE region.
- Corporate Banking Focus:
- The upgrade is aimed at driving growth and creating product differentiation for NBF’s corporate banking digital operations.
- Previous Deployments:
- iGTB previously extended the eMACH.ai platform to Jordan Kuwait Bank in April.
- NBF’s Digital Initiatives:
- NBF has a history of digital innovation, including launching an SME digital banking platform in 2019, the Klip digital wallet in 2020, and adopting the UAE’s instant payments platform in 2023.
- Financial Performance:
- NBF reported a 9.4% rise in operating expenses in H1 2024, partly due to increased investments in digitalisation initiatives to enhance customer service.
