Dubai Holding, the global investment holding company, has announced it will invest up to AED 1 billion over the next five years to launch a next-generation digital bank for the UAE, with plans to expand services across the Middle East and North Africa region. T
his announcement is in line with UAE’s goal of becoming a cashless digital economy, and guided by His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision for Smart Dubai.
Owing to the UAE having one of the highest smartphone penetration rates globally, Dubai Holding’s digital bank will aim to provide an on-demand, fully customizable and engaging experience to individuals and businesses alike.
His Excellency 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, in support of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai’s for a smarter and cashless society.”
Leveraging Dubai Holding’s vast ecosystem of work, play, live offerings, the Digital Bank will offer unique perks and services to users, as well as providing bespoke banking services that extend beyond the traditional bank offering. Customers will have access to the region’s first truly personalized and dynamic loyalty program.
Dubai Holding’s Digital Bank aims to provide a state-of-the-art platform to facilitate digital transactions and accelerate the drive towards a cashless society, and facilitate the exchange of data and insights between individuals and businesses.
Apart from serving our individual consumers, this bank will be amongst 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.
Dubai Holding 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.
The bank’s first products are expected to debut in 2019.
Featured image via Pexels
