Abu Dhabi’s ADIB launches API developer portal to drive open banking

Abu Dhabi Islamic Bank (ADIB) has launched its first application programming interface (API) developer portal.

The new ADIB API developer portal will drive open banking in the market, allowing fintech developers to build new products that interact with the lender’s platforms.

It would also enable ADIB customers to connect apps and services to their banking easily, including the ability to see accounts held with other providers through their ADIB mobile app.

The ADIB’s open banking API platform follows UK Open Banking standards and aims to provide a range of data to use and share by third-party providers (TPPs) such as payment initiators, account aggregators, and other fintechs to deliver digital services. Open Banking also offers customers more control over their financial data.

With over Dhs133bn in assets, ADIB serves over one million customers via its distribution network of 70 branches and more than 500 ATMs. ADIB announced a 45 per cent year-on-year growth in its net profit to Dhs2.3bn during the fiscal year 2021. Revenues also recorded growth of 4 per cent to Dhs5.5bn, because of an increase in income from non-financing activities by 9 per cent.

Read: Abu Dhabi Islamic Bank posts 45% rise in net profit for 2021

Also read: How open banking can foster innovation in the financial landscape