Revolutionising Finance: UptexBank to transform GCC's digital banking landscape
Connecting regional economies through one seamless digital finance network
Dubai: As the GCC continues its rapid digital transformation, UptexBank is preparing to introduce a new era of financial technology built around speed, access, and transparency.
The Oman-based digital bank will officially launch at Dubai Fintech Surge on October 12, 2025, presenting a platform designed to empower businesses, freelancers, and individuals with seamless international banking and real financial efficiency.
Guided by the philosophy “Uncompromising Banking. Efficiency Over Everything,” UptexBank focuses on making finance simpler, faster, and more transparent for everyone.
Aligned with Vision 2030
UptexBank was developed in alignment with the GCC’s Vision 2030 objectives, which aim to diversify economies, enable entrepreneurship, and accelerate digital transformation. The founders believe that financial inclusion and cross-border connectivity are vital to achieving these national ambitions.
For centuries, the Middle East has served as a hub of trade connecting the East and West. Yet in today’s global economy, cross-border banking remains fragmented and costly. UptexBank addresses this challenge by offering a reliable and affordable digital alternative that connects regional expertise with global financial accessibility.
With cross-border transfers and an FX rate starting from 0.2 percent, UptexBank is positioned as the first digital bank in the region to deliver both affordability and reliability at scale.
A homegrown GCC solution
UptexBank was founded by a GCC-based team of financial and technology specialists who understand the region’s business landscape and challenges. This local expertise enables the bank to design tailored solutions that meet the real needs of entrepreneurs, freelancers, and enterprises.
“Our goal is to make banking effortless for people and businesses across the GCC,” said a spokesperson for UptexBank. “We are focused on removing friction from cross-border transactions and helping clients manage their finances with confidence.”
Empowering SMEs and freelancers
Small and medium-sized enterprises remain the backbone of the GCC economy, yet many still face barriers in global payments and access to banking services that fit their needs. UptexBank provides a tailored suite of tools that allow SMEs and self-employed professionals to manage funds across borders with multi-currency accounts, instant transfers, and transparent pricing.
“Sixty percent of non-oil GDP in the UAE comes from small and medium-sized businesses. While that is a huge share, there are still no financial services that truly meet the needs of these businesses," said Amir Fada Ghuloom Abbas al Ajmi, Executive Manager of Uptex. "That is why we built Uptex, because we understand the GCC market better than anyone else. We know how much SMEs lose each year on FX rates and cross-border payments. Our goal is to make things easier for business owners and freelancers because these groups deserve better.”
These features allow businesses to operate internationally without excessive costs or hidden charges, enabling them to grow and compete on a global scale.
Core features and compliance
At launch, UptexBank will provide:
Multi-currency personal and business accounts supporting more than 30 currencies, including OMR, AED, SAR, USD, EUR, CAD, CHF, and GBP.
Low-cost international transfers through Uptex’s local rails with FX rates from 0.2 percent.
Local accounts in EUR, USD, GBP, CAD, and AED, allowing users to transfer funds as if they were locals in those markets. For example, SEPA transfers can be completed within Europe just like a European resident.
Access to securities trading across stocks, ETFs, CFDs, and FX instruments.
Fully digital onboarding with instant verification and account activation.
UptexBank operates under the following regulatory framework:
Oman – Central Bank of Oman and Capital Market Authority ○ Electronic Banking Services License No. L3332693 authorises UptexBank to provide digital banking services, including multi-currency accounts, international payments, and borderless transactions.
Administration of Financial Markets License No. L3330925 authorises UptexBank to offer securities brokerage, investment, and trading services, including CFDs and other financial instruments.
United Arab Emirates – Securities and Commodities Authority (SCA) ○ UptexBank operates in the UAE in collaboration with Direct TT for Financial Consulting L.L.C., a financial services company authorised and regulated by the UAE Securities and Commodities Authority (SCA) under License No. 20200000042, Category 5.
This partnership allows UptexBank to introduce and promote its services within the UAE under full SCA regulatory oversight.
Canada – Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) ○ UptexBank operates in Canada through Xellar Payment Solutions Inc., registered as a Money Services Business (MSB) under registration number C10000905, valid until February 29, 2028.
These licenses enable UptexBank to provide a full range of regulated electronic banking, trading, and FX services while maintaining strict compliance with AML, CFT, and data protection requirements.
Regional and global roadmap
UptexBank’s growth plan begins with Oman and the UAE in 2025, expands to Saudi Arabia and the wider GCC in 2026, and reaches Europe and Africa in 2027. The long-term vision is to connect regional economies through one unified digital network for banking and trading.
Strategic partnerships with Tuum, Sumsub, CurrencyCloud, and National Bank of Oman (NBO) strengthen the bank’s infrastructure, ensuring reliability, scalability, and compliance across multiple markets.
Join the future of banking
UptexBank is now open for early access registration. Businesses, freelancers, and investors across the GCC can join the waitlist to experience a new generation of digital banking built for transparency, security, and global reach.
To learn more or open your account, visit www.uptex.com or contact support@uptex.com.
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