Stock Abu Dhabi skyline
UAE's Central Bank greenlights a new banking entity - this one being an all-digital one. Another entity, Zand in Dubai, also expects to go live shortly. Image Credit: Ahmed Ramzan/Gulf News

Dubai: The UAE Central Bank has granted the first license for an all-digital bank.

The Al Maryah Community Bank, as the new entity is known, said it will be the “first specialized digital bank to serve the UAE community”. Customers can “seamlessly” open accounts and “experience a whole lot of smart banking services built on AI powered technology integrated with UAE Government’s Smart Services”.

The focus will be on supporting individuals and small businesses, the new entity said. The announcement comes just a day after Mohammed Alabbar said he’s chairing a new all-digital bank Zand, and which is awaiting final regulatory approvals.

Focus on individuals, small business
The bank's products and services will concentrate on "bridging many gaps that individuals and SMEs face in terms of successful financial management and achieving growth, and also looking forward to aiding the savings, investment goals of both Emiratis and expatriates alike..."

"I believe this initiative will effectively contribute to meeting the needs of customers by employing a group of specialized financial experts who will work to improve the financial capacities of individuals and SMEs in a scalable and easy way through the smart application that will be launched soon,” said Tarek Ahmed Al Masoud, Chairman.

Another digital-only bank will be launched in Abu Dhabi, this one from ADQ, the holding company for the Kizad free zone, AD Ports, etc. The bank will have an initial capitalisation of Dh2 billion. The license was acquired from First Abu Dhabi Bank (FAB). 

Tarek Ahmed Al Masoud, Chairman of Al Maryah Community Bank
Tarek Ahmed Al Masoud, Chairman of Al Maryah Community Bank, says there are gaps in offering banking services to individuals and small businesses that the new entity can help fill. Image Credit: Supplied