UptexBank launches to drive digital banking innovation in the GCC

A new era of digital banking is emerging in the Gulf region with the launch of UptexBank, an Oman-based financial technology institution designed to simplify international transactions for individuals and businesses. The launch took place on October 12, 2025, during Dubai Fintech Surge, marking the company’s official debut in the GCC market.

UptexBank aims to make cross-border banking faster and more transparent by combining modern technology with strong regulatory compliance. The platform offers digital banking solutions for businesses, freelancers, and individuals who need access to seamless multi-currency accounts and low-cost transfers.

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UptexBank was founded in line with the GCC’s Vision 2030 goals, which focus on diversifying economies, supporting entrepreneurship, and accelerating digital transformation. The founders believe that financial inclusion and efficient cross-border connectivity are essential for sustainable growth.
“The Middle East has always been a hub of trade and innovation,” said a spokesperson for UptexBank.

“Yet modern cross-border banking is still complex and expensive. UptexBank was created to change that by providing a faster and more affordable solution for global financial access.”

Small and medium-sized enterprises remain a key driver of the GCC economy, contributing significantly to non-oil GDP. However, many are still underserved by traditional financial institutions. UptexBank was built to address this gap by offering multi-currency accounts, instant transfers, and transparent FX rates starting from 0.2 percent.
“About 60 per cent of non-oil GDP in the UAE comes from small and medium-sized businesses,” said Amir Fada Ghuloom Abbas Al Ajmi, executive manager of Uptex.

“Despite their scale, there are few banking services built specifically for them. We created Uptex because we understand how much SMEs lose every year on FX rates and cross-border payment costs. Our goal is to make finance simpler, faster, and fairer for business owners and freelancers across the GCC.”

UptexBank operates under regulatory licenses in Oman, the UAE, and Canada, ensuring transparency and client protection. In Oman, it is authorized by the Central Bank of Oman and the Capital Market Authority to offer digital banking and securities services.

In the UAE, it operates under full oversight through a partnership with Direct TT for Financial Consulting L.L.C., regulated by the Securities and Commodities Authority (SCA).

In Canada, it is registered with FINTRAC as a Money Services Business (MSB).

Following its initial rollout in Oman and the UAE, UptexBank plans to expand operations to Saudi Arabia and other GCC countries in 2026, with further international expansion expected in 2027.

Early access registration is now open for businesses and freelancers interested in joining the platform.

For more information or registration, visit www.uptex.com