Global investment holding company Dubai Holding is set to invest up to AED1bn ($270m) over the next five years to introduce a new digital bank in the UAE.
The new bank will offer an on-demand, completely personalised banking services to individuals and businesses in the UAE.
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The company plans to expand the service across the Middle East and North Africa region.
Besides serving individual customers, the digital bank will also cater to the requirements of the SME and mid-size corporate segment and help in driving the economy of the country.
Furthermore, it is also encourage data exchange and insights between individuals and businesses.
The first services of the Dubai Holding’s digital bank are expected to be introduced next year.
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By GlobalDataDubai Holding chairman Abdulla Al Habbai said: “Through our investment in Dubai Holding Digital Bank, we are enabling digital opportunities with the potential to empower individuals and businesses to leverage new financial technologies for additional convenience and to unlock new business opportunities, in support of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai’s for a smarter and cashless society.”
