The surprise event was organised to mark the Abu Dhabi Mobility Week (ADMW) that is underway till May 1
The UAE Central Bank has granted licence to Al Maryah Community Bank to launch operations in the country.
It will be the first digital bank to have received the approval to start operations in the UAE.
On Monday, Mohamed Alabbar, Emaar Properties’ former chairman, also announced a plan to launch the digital bank Zand which will provide solutions to both individuals and businesses. The launch is subject to regulatory approval.
Al Marya Community Bank said customers can open accounts and experience smart banking services built on artificial intelligence-powered technology integrated with the UAE government’s smart services.
Catering to both individuals as well as small businesses in the UAE, the bank’s financial products and services will focus on financial management, aiding savings and investments to both Emiratis and expatriates.
ALSO READ:
>> Ramadan 2021: UAE bank postpones monthly instalment
A community bank offers loans to small businesses or personal loans to individuals. It channels most of its loans to the neighbourhoods where its depositors live and work to keep the local community vibrant and growing.
Tarek Ahmed Al Masoud, chairman of Al Maryah Community Bank, said the UAE Central Bank’s progressive vision will go a long way to serve and support the digital banking needs of the country’s residents.
“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,” said Al Masoud.
waheedabbas@khaleejtimes.com
The surprise event was organised to mark the Abu Dhabi Mobility Week (ADMW) that is underway till May 1
In total, 94 nationalities invested in Sharjah during the first quarter of 2024
The Parisians are on 69 points with four games left with Monaco trailing by 11 points
The health ministry has ensured the safety of 'a very limited number' of people who showed some symptoms of being affected by 'the mixed water'
The evening was a resounding success, boasting delectable cuisine, a lively ambiance, and impeccable service
Reds defeat at Everton extinguishes their last hopes of winning the Premier League
The destination was to originally close on April 28
The cashback is valid until May 12