The reserve bank in the United Arab Emirates (UAE) has issued a license to Al Maryah Community Bank in order to offer services in the Middle Eastern nation.
Al Maryah is notably the very first all-digital bank to have been given approval to begin providing financial services in the UAE.
On Monday (April 11, 2021), Mohamed Alabbar, Emaar Properties‘ ex- Chairperson, also revealed a plan to introduce the digital bank Zand which will aim to offer modern financial services to individuals and local businesses. The launch is subject to customary regulatory approval.
Al Marya Community Bank stated that clients may open new accounts and take advantage of “smart banking” services developed using AI-enhanced technology that’s integrated with the UAE government’s smart services.
As first reported by MSN, the bank’s financial products are intended for individuals and small businesses. The new services will mainly focus on financial management, aiding savings and investments for local Emiratis and expats.
A community bank aims to provide loans to small businesses or personal loans to individual borrowers. It channels the majority of its loans to the neighborhoods where its depositors may reside and work (in order to ensure that local communities are well-supported).
Tarek Ahmed Al Masoud, Chairperson at Al Maryah Community Bank, stated that the UAE Central Bank’s progressive vision should go a long way to serve and support the digital banking requirements of the nation’s residents.
Al Masoud added:
“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.”
As reported recently, Fintech Unicorn Stripe has entered the MENA region markets with its Dubai, UAE launch, following its massive $600 million investment round.