Dubai Holding, the global investment holding company, has announced it will invest up to AED1 billion ($270 million) over the next five years to launch a next generation digital bank for the UAE.
The company said it already has plans to expand services across the Middle East and North Africa region, adding that the bank’s first products are expected to debut in 2019.
Dubai Holding said the digital bank will aim to provide an on-demand, fully customisable and engaging experience to individuals and businesses alike.
Abdulla Al Habbai, chairman at Dubai Holding, said:“Through our investment in Dubai Holding Digital Bank, we are enabling digital opportunities with the potential to empower individuals and businesses to leverage new financial technologies for additional convenience and to unlock new business opportunities.”
The bank will offer unique perks and services to users, as well as providing bespoke banking services that extend beyond the traditional bank offering, he added.
"Apart from serving our individual consumers, this bank will be among the first pure play digital player in the UAE to serve the SME and mid-size corporate segment. We, at Dubai Holding, firmly believe that SMEs are the primary driver of the Dubai economy and their financial inclusiveness is a key to both Dubai and the UAE success," he said.
Dubai Holding added that it will leverage its exposure to and understanding of UAE SMEs to create a state-of-the-art loan and deposit offerings.
"We plan to address key SME pain points through transparent reporting across all SME accounts, cash management platform linked to receivables, payroll and payments," said Al Habbai.
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