The goal of the Agreement is for the parties to join forces, develop combined value propositions and, where needed, intellectual property, and promote those in the form of digital transformation offerings extended through the UAB to its members leveraging economy of scale and reusable assets to achieve further competitiveness.
The Union of Arab Banks (UAB) is a non-profit, Pan Arab organization affiliated from the League of Arab States established in 1973 and headquartered in Beirut - Lebanon possessing Diplomatic status. The UAB consists of 360 member banks & institutions from the Arab League member states and Europe, including Commercial and Investment Banks, Islamic Banks, Arab Central banks, Local Banking Associations, Financial and Investment Institutions, with its Board of Directors comprising of 20 high-level dignitaries, representing 20 Arab states.
The UAB, through its newly established UAB Digital Unit, has launched an ecosystem-wide initiative to accelerate the innovation efforts, improve strategic agility, and elevate the maturity of digital transformation. The UAB Digital is uniquely positioned to act as a service provider to UAB members and will play a catalytic role towards achieving world-class innovation and a fully transformed financial services sector in the Arab states.
EarlyBirds Marketplace is an open innovation platform - comprising an ecosystem of technology innovators, early adopter businesses and subject matter experts - specifically designed to solve business challenges with innovative technology solutions. The mission of EarlyBirds is ‘Engaging Society in Actionable Innovation’.
Specifically, EarlyBirds Marketplace will support the UAB digital transformation agenda by:
• Enabling interaction across a global innovation ecosystem connecting Tech Innovators with UAB members;
• Fostering a culture of collaboration and crowdsourcing across UAB members and globally; and
• Building global partnerships with Innovators to benefit UAB members.
Mr. Wissam H Fattouh, Secretary General of the UAB said: "I welcome this important initiative which formalises and strengthens the existing cooperation between Arab states and their Financial institutions. I look forward to continuing to build on our constructive co-operation in the interest of digital transformation of our financial services at a global level with EarlyBirds Marketplace."
Jeff Penrose, Cofounder of EarlyBirds Marketplace said: “There is real desire by UAB members to implement a global open ecosystem to proactively promote innovation and solve business challenges with disruptive technology. This agreement will help the UAB achieve their digital transformation goals by strengthening and enabling collaboration that already exists at high levels between the UAB member states and their financial services sector."
For more information:
Contact: Jeff Penrose, Co-Founder EarlyBirds Marketplace
Telephone: +61 405 403 205