Al Maryah Community Bank in the UAE has secured regulatory green light to commence operations.
The lender secured the banking licence from the Central Bank of the UAE.
Al Maryah Community Bank will focus on providing banking services to individuals and small businesses within the economy.
Chairman of the board of founders for the bank Tarek Ahmed Al Masoud was quoted by local reports as saying: “We are pleased to obtain the approval and we would like to sincerely thank [the Central Bank] for their progressive vision that would go a long way to serve and support the digital banking needs of our community.”
The lender is expected to launch an application to provide banking services. Customers will be able to access banking services developed using AI technology.
Al Masoud was further quoted as saying: “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.”
Last month, fintech firm YAP launched a digital banking platform in the UAE. It was reportedly the first independent digital banking platform in the country.