Abu Dhabi (Al-Ittihad) HSBC Bank announced that it has joined the Abu Dhabi Digital Global Market (ADGM), a digital platform for financial institutions and financial technology companies to collaborate, test and develop innovative solutions for the financial services sector, within a regulated environment supervised by the Services Regulatory Authority. Finance (FSRA). One of the main challenges that financial institutions face when adopting new innovations and digital solutions is integrating them with their legacy systems in a timely and cost-effective manner. “Joining the digital aggregator allows us to experience best-in-class technology and provides us with access to resources such as data, APIs, system images and reference architectures that enable us to verify Validity of new solutions in the process of replacing our existing technologies.” He added: “HSBC is also developing and deploying some of the most advanced and innovative technologies in banking to make it easier and more secure. We are keen to explore and test new cost-effective solutions such as Application Program Interface (API) and middleware-enabled solutions, which can connect our systems to FinTech companies and other tool and technology providers.” The digital complex was built with features that allow testing and validating new products and solutions before purchasing them, thus accelerating the time to market for financial institutions in a cost-effective manner. “We welcome HSBC to the digital aggregator and look forward to providing them with the tools to facilitate their partnerships with innovative start-ups,” said Wai Lum Kwok, Senior Executive Director, Delegated Operations for Financial Services Regulatory Authority at ADGM. Our secure and supervised digital testing environment enables flexible interactions between new and existing system users, accelerating the essential learning process and adding new features to businesses and consumers.”
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