Commercial Bank of Dubai (CBD) has announced plans to launch a digital-only bank, known as CBD NOW.

The new bank, scheduled to launch in early 2017, will be UAE’s first digital-only bank. It will offer a seamless customer experience with transparent and value-added services, CBD said.

CBD general manager personal banking group Murray Sims said: “CBD NOW will redefine what a bank should be. It is built around customers and offers an entirely unique experience that is simple, smart and safe, whereby everything can be done via smartphone.

“We believe that CBD NOW will be the 21st century choice for customers who want a bank that’s not just unique and different, but more importantly, better.”

CBD general manager digital transformation Walter Lironi said: “We are delighted to bring the first digital-only bank to the region. Our proposition will allow customers to completely change the way they manage their finances using technology to serve all their banking needs. It is about leveraging technology to create a unique banking experience powered by our customers.”