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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.