UAE digital bank receives central bank licence as more prepare to launch

Al Maryah Community Bank said it will employ forward thinking concepts driven by innovation and technology to serve all the community banking needs of individuals and small businesses within the UAE economy.

Customers will be able to open their accounts and experience smart banking services built on AI powered technology integrated with UAE Government’s Smart Services.

According to a statement, the bank’s suite of financial products and services will concentrate on “bridging many gaps that individuals and SMEs face in terms of successful financial management and achieving growth” as well as “aiding the savings, investment goals of both Emiratis and expatriates alike”.

Tarek Ahmed Al Masoud, chairman, said: “We are pleased to obtain the approval and we would like to sincerely thank CB-UAE for their progressive vision that would go a long way to serve and support the digital banking needs of our community.

“I believe this initiative will effectively contribute to meeting the needs of customers by employing a group of specialised financial experts who will work to improve the financial capacities of individuals and SMEs and promote the community’s sustainable development in a scalable and easy way through the smart application that will be launched soon.”

His comments come a day after it was revealed that Emaar founder and chairman Mohamed Alabbar will head Zand, the first digital bank in the world to provide both retail and corporate banking, which is set for imminent launch in the UAE.

Alabbar (pictured below) said: “The UAE combines progressive regulations with commercial, financial, and technology hubs. This provides the perfect environment for a world-leading digital bank that can launch in the UAE and scale beyond.

“As the first fully independent digital bank in the country, with a full UAE banking licence, Zand will provide innovative, effective financial solutions that help simplify businesses and lives, addressing the needs of both retail and corporate customers.”

A survey from Boston Consulting Group (BCG) in October last year revealed that 87 percent of respondents in the UAE would be willing to open an account with a branchless digital-only bank.

Last year, Abu Dhabi investment firm ADQ revealed plans to set up a digital bank with an initial capital of AED2 billion ($545 million) after obtaining the legacy licence of First Gulf Bank.

ADQ is a holding company for some of the biggest assets in the UAE, including the Abu Dhabi Securities Exchange and Abu Dhabi Airports.