The global investment holding company, Dubai Holding has announced to launch a digital bank for the UAE.
The company said it will invest up to AED1 billion ($270 million) over the next five years.
Their aim is to provide an on demand, fully customizable and engaging experience to individuals and businesses.
The chairman at Dubai Holding 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.”
He said, “Apart from serving our individual consumers, this bank will be among the first pure play digital player in the UAE to serve the SME and mid-size corporate segment”.
Al Habbai also said, “We plan to address key SME pain points through transparent reporting across all SME accounts, cash management platform linked to receivables, payroll and payments.”