UAE’s first digital community bank receives nod to start operations

It will cater to both individuals as well as small businesses in the UAE

  
General view of Central Bank of The U.A.E. on January 3, 2017 in Dubai, United Arab Emirates.

General view of Central Bank of The U.A.E. on January 3, 2017 in Dubai, United Arab Emirates.

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The UAE Central Bank has granted licence to Al Maryah Community Bank to launch operations in the country.

It will be the first digital bank to have received the approval to start operations in the UAE.

On Monday, Mohamed Alabbar, Emaar Properties’ former chairman, also announced a plan to launch the digital bank Zand which will provide solutions to both individuals and businesses. The launch is subject to regulatory approval.

Al Marya Community Bank said customers can open accounts and experience smart banking services built on artificial intelligence-powered technology integrated with the UAE government’s smart services.

Catering to both individuals as well as small businesses in the UAE, the bank’s financial products and services will focus on financial management, aiding savings and investments to both Emiratis and expatriates.

A community bank offers loans to small businesses or personal loans to individuals. It channels most of its loans to the neighbourhoods where its depositors live and work to keep the local community vibrant and growing.

Tarek Ahmed Al Masoud, chairman of Al Maryah Community Bank, said the UAE Central Bank’s progressive vision will go a long way to serve and support the digital banking needs of the country’s residents.

“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,” said Al Masoud.

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