Abu Dhabi Islamic Bank (ADIB) has joined forces with German online lender Fidor Bank to launch a new community based digital bank.

The new bank is the first of its type in the region, ADIB said, and is aimed at millennial and digitally connected consumers.

The bank is expected to be available for existing and new customers in the coming months.

ADIB CEO Tirad Al Mahmoud said: “Our research is clearly telling us that customers are looking in particular for digital banking services that offer a seamless, easy and intuitive user experience. Our proposition will allow users to completely change the way they bank and manage their finances using digital technology to serve all their banking needs.

"The features and services offered by the new offering are based on customer insights gained from intensive research. As we strive to constantly innovate with our offerings, we believe Fidor is an ideal partner to help us introduce this revolutionary solution."

Fidor Bank is a fintech bank, which centres around an online community where users can share financial advice and co-create banking products.

In June 2016, the bank launched an office in Dubai to expand its services to companies in Asia, Africa and the Middle East. In July 2016, it collaborated with Telefonica Germany to launch a mobile banking service, known as O2 Banking.

Fidor Bank CEO Matthias Kroener said: “We're delighted to partner with ADIB to bring the first community based digital bank to the region. Given ADIB's track record in offering pioneering digital banking services, our partnership makes perfect sense.”