Emirates Integrated Telecommunications Company (EITC), widely known as du, has signed a Memorandum of Understanding with the Abu Dhabi Global Market Financial Services Regulatory Authority.
According to Fahad Al Hassawi, Deputy CEO at EITC, the newly-established partnership will allow du to keep investing in mobile technology infrastructure. It will encourage tech innovation and will make financial markets and systems more efficient. Most importantly, it will add value to the end customer, he added.
du is not a new player in the FinTech scene. The company has been working on several new technologies to disrupt multiple industries. For instance, it recently teamed up with the Global Blockchain Council to improve health care services for patients and doctors.
Richard Teng, the CEO of Abu Dhabi Global Markets Financial Services Regulatory Authority, has also expressed his satisfaction with the new agreement. In line with the government policy to keep the UAE’s leading position as a leading tech hub in the GCC and beyond, the new partnership will foster the integration between innovators and financial institutions.
Furthermore, the du’s mobile infrastructure and experience would ensure the deployment and adoption of financial services in wider markets. Moreover, they will also become accessible to a broader range of clients, including the underserved customers. In addition, it will also serve as a platform to test and launch innovative FinTech products.